Banking: Bill introduced to allow up to 4 nominees in bank a/c; Return asset papers within 30 days of loan repayment: RBI …

Bill introduced to allow up to 4 nominees in bank a/c
Return asset papers within 30 days of loan repayment: RBI

Bill introduced to allow up to 4 nominees in bank a/c

The Indian government introduced a bill to amend banking laws, aiming to streamline nomination facilities and maintain a majority stake in public sector banks. Proposed changes include allowing up to four nominees for bank accounts and lockers, and transferring unclaimed assets to the Investor Education and Protection Fund for easier claims by heirs.
Times of India
Aug 10, 2024
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Return asset papers within 30 days of loan repayment: RBI

Mint
14 Sep 2023
RBI has set a penalty of ₹5,000 per day that banks must pay the borrower for each day of delay in returning the original documents.
MUMBAI: The Reserve Bank of India (RBI) on Wednesday said regulated entities have to release original property documents to retail loan borrowers within 30 days of full repayment, and any delay would attract a penalty.
This would include consumer credit, education loans, loans given to create or enhance immovable assets and loans for investment in financial assets like shares, debentures and others. RBI has set a penalty of ₹5,000 per day that banks must pay the borrower for each day of delay in returning the original documents.
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See a copy of the RBI’s Circular dated 13.09.2023 >>>

  RBI Circular dated 13.09.2023 - Responsible Lending Conduct - Release of Movable/Immovable Property Documents on Repayment/Settlement of Personal Loans (643.3 KiB, 526 hits)

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