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In case where the delay in releasing of original property documents is attributable to the regulated entity, it shall compensate the borrower at the rate of Rs 5,000 for each day of delay, the RBI says in directions to lenders
The Reserve Bank on Wednesday directed banks and financial institutions to release all original movable or immovable property documents and remove charges registered with any registry within 30 days after full repayment of a loan by the borrower.
The papers need to be returned within 30 days
New Delhi/UNI: The Reserve Bank of India (RBI) on Wednesday directed banks and non-banking finance companies (NBFCs) to release all the original movable/immovable property documents and remove charges registered with any registry within 30 days after full repayment and settlement of the loan account.
They also discussed ways to contain the increasing reliance on bank borrowings and risks associated with high credit growth in the retail segment among a host of issues