Banking: Return asset papers within 30 days of loan repayment: RBI …

Return asset papers within 30 days of loan repayment: RBI

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, 84 hits)

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