September 13, 2023 2:10 PM

RBI asks financial institutions to release all movable/ immovable property documents within 30 days of full repayment of loan

Reserve Bank of India has asked all the financial institutions to release all movable/immovable property documents within 30 days upon receiving full repayment and closure of personal loan accounts. RBI has said that,  in case of delay financial institutions shall compensate the borrower at the rate of ₹5 thousand for each day of delay. These Directions will be applicable from 1st december 2023. In case of loss/damage to original movable / immovable property documents, the finan...