##s in loan cases involving multiple lending from different banks on the same immovable property. initially transactions relating to securitization and reconstruction of financial assets and those relating to mortgage by deposit of title deeds to secure any loan or advances granted by banks and financial institutions, as defined under the sarfaesi act, are to be registered in the central registry. the records maintained by the central registry will be available for search by any lender or any other person desirous of dealing with the property. availability of such records would prevent frauds involving multiple lending against the security of same property as well as fraudulent sale of property without disclosing the security interest over such property. 17. despite the information sharing mechanisms as detailed above, if the loans still go bad, restructuring mechanisms have been spelt out to help a borrower who has a viable project or a viable business proposition. with a view to putting in place a mechanism for timely and transparent restructuring of corporate debts of viable entities facing problems, a bis central bankers ’ speeches scheme of corporate debt restructuring ( cdr ) was started in 2001 for quicker recovery / restructuring of stressed assets. 18. in the backdrop of the slowdown of the indian economy resulting into stress to a number of companies / projects and increase in non - performing assets ( npas ) and restructured accounts in the indian banking system during the recent years, a need was felt to recognise the stress in the economy early on a real time basis and take preventive and / or corrective actions in order to preserve the economic value of banks ’ assets. in view of this, the reserve bank envisaged and released the “ early recognition of financial distress, prompt steps for resolution and fair recovery for lenders : framework for revitalising distressed assets in the economy ” on january 30, 2014. the framework outlines a corrective action plan to incentivise : ( i ) early identification of problematic accounts, ( ii ) timely restructuring of accounts that are considered to be viable, and ( iii ) lenders taking prompt steps for recovery or sale of unviable accounts. 19. the framework outlines an early recognition of stress in all large value accounts and their reporting to a centralised repository at the rbi for dissemination among all the concerned lenders for taking corrective actions as per the broad guidelines given in the framework. accordingly, a central repository of information on large credits ( crilc ) has been set up in april 2014 to collect, store, and disseminate

be resolved through modifications in the atms. 21. in this context, the continuing of customer complaints related to failed atm transactions is also a matter of concern. we are often asked to mediate cases where the credits are passed on within the mandatory period and later reversed. few instances have come to our notice where the banks take written approvals from customers stating that they would forgo the penalty amount. 22. the role of system providers in timely redressal of such complaints is important. nfs accounts for around 98 percent of the inter - bank atm transactions in the country. the operators – npci – have a role in ensuring that failed transactions involving their network are conclusively resolved. being authorized arrangements, they have to also monitor the practices followed by system participants and report these to the regulator. let me state in this connection that rbi has commissioned a survey of customers using the atms and based on the findings appropriate regulatory action would be taken. fraud 23. frauds in an non - electronic payment system were mainly related to tampering of cheques ( fake / printed cheques and material alterations ) or presentation of fraudulent cheques. these were detectable on close examination at the drawee / drawer bank level. however, in an electronic payment scenario, funds are disbursed on genuine authentications stolen by the fraudsters. the establishment of liability in such cases has become challenging. identification and prevention of such frauds requires investment in risk management processes. the risk management process should have built in logic to alert customers or reach out to customers in case of suspected transactions. i believe that it would be unfair to dismiss instances of frauds in a technology driven scenario as customer carelessness / compromise. banks have to recognize that investment in technology has to take into account customer education for change over to the new system. further, the efforts must be made to put in place checks and balances to prevent such frauds. customers have bis central bankers ’ speeches to be made aware of the importance of following certain best practices in a technology driven scenario and an attempt must be made to put the onus of proving the carelessness / compromise on the banks rather than the less savvy customers. the system must also move towards a zero customer liability principle wherever feasible. this alone can result in increased customer confidence in such technology driven systems. otherwise, the acceptance and adoption are bound to be low. 24. another challenge that has to be highlighted is the growing complexity of payment products and their impact