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RBI asks banks, NBFCs to release original movable, unmovable property documents within 30 days of full repayment of loan

RBI asks banks, NBFCs to release original movable, unmovable property documents within 30 days of full repayment of loan
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Reserve Bank of India (RBI) | Return property papers to borrowers within 30 days of repayment or pay Rs 5,000 per day for delay, RBI to banks

The borrower shall be given the option of collecting the original movable/ immovable property documents either from the banking outlet/branch where the loan account was serviced or any other office of the RE where the documents are available, as per the statement

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Return property papers to borrowers within 30 days of repayment or pay Rs 5000/day for delay, RBI to banks

Failing to comply with the direction, Regulated Entities (REs) would compensate the borrower at the rate of Rs 5,000 for each day of delay, RBI said in a notification.

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RBI issues guidelines for responsible lending

RBI issues guidelines for responsible lending
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Lenders should release property docs within 30 days of loan repayments: RBI

Lenders should release property docs within 30 days of loan repayments: RBI
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