What is the necessary requirement for granting loans and

Q: Answer-What is the necessary requirement for granting loans and advances to relatives of Directors?

As per RBI Circular loans and advances to relatives of the banks ChairmanManaging Director or other Directors, as well as Directors of other banks and their relatives, Directors of Scheduled Co-operative Banks and their relatives, and Directors of SubsidiariesTrustees of Mutual FundsVenture Capital Funds set up by the financing banks or other banks, require prior approval from the Board.