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The Reserve Bank of India has issued directions for all Banks, NBFCs & ARC’s for Responsible Lending Conduct – Release of Movable/Immovable Property Documents on Repayment/Settlement of Personal Loans vide Notification No. RBI/2023-24/60 dated 13th September 2023.
This direction applies to all cases where the release of original movable or immovable property documents falls due on or after 1 December 2023.
These directions are issued under sections 21, 35A and 56 of the Banking Regulation Act, 1949, Section 45JA and 45L of the Reserve Bank of India Act, 1934 and Section 30A of the National Housing Bank Act, 1987.
Responsible Lending Conduct – Release of Movable/Immovable Property Documents on Repayment /Settlement of Personal Loans
As per the guidelines on the Fair Practices Code issued to various Regulated Entities (Res) since 2003, the REs must release all movable or immovable property documents upon receiving full repayment and closure of the loan account. However, it has been observed that the REs follow divergent practices in the release of such movable/immovable property documents, leading to customer grievances and disputes. The following directions were issued to address the issues faced by the borrowers and to promote responsible lending conduct among the REs:
In summation, it can be said that the directions are issued to address the issues faced by the borrowers and to promote responsible lending conduct among the REs.
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