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`Co-op banks must share data on blacklisted builders'

Our Bureau

Mumbai , Sept. 1

AN RBI constituted group on `housing finance frauds' has recommended that urban co-operative banks should share information on blacklisted builders and seek agreement for sale in dematerialised form to guard against fraud such as forged documents and multiple financing.

Fraud such as forgery of stamped documents by bankers and builders has been given a high severity rating. The group said producing coloured photocopies of documents, such as encumbrance certificates, is also a highly common fraud. These fake documents are difficult to identify and distinguish from the original.

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