Monica Malik Instagram – The Reserve Bank of India (RBI) has issued fresh directions to banks and non-banking finance companies (NBFCs) to release all the original movable and immovable property documents and remove charges registered with any registry within a period of 30 days after full repayment/ settlement of the loan account.
It further said failure to comply with this directive will result in a penalty of Rs 5,000 per day for any delays in the release of these critical documents.
“In terms of the guidelines on the Fair Practices Code issued to various Regulated Entities (REs) since 2003, REs are required to release all movable and immovable property documents upon receiving full repayment and closure of loan accounts. However, it has been observed that the REs follow divergent practices in the release of such movable and immovable property documents, leading to customer grievances and disputes,” RBI said in a circular.
The RBI has issued these directions under sections 21, 35A, and 56 of the Banking Regulation Act, 1949, sections 45JA and 45L of the Reserve Bank of India Act, 1934, and section 30A of the National Housing Bank Act, 1987. he move will come into effect on December 1, 2023.
Source: Business Today
So the next time you face this issue, complain to the RBI immediately.
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[RBI rules, Home Loan, Home Loan Rates 2023, Best Home Loan, Home Loan rules, Indian Economy, Banking in India] | Posted on 01/Nov/2023 10:03:28
