Kudos LocalCircles

Great work on bank malpractices and escalating this issue to RBI. All members who have a loan need to save the attached notification in their mobile/computer.

Your bank will now have to pay you ₹5,000 daily, if it fails to return your property documents on time after you've settled your loan completely.

For better service after closing your loan,RBI has released this note for banks

In case of loan against collateral, it was found that banks did not release the property documents and charges related to the loan, even after paying off the loan.

From 1st Dec 2023, it will be compulsory to return the documents to you within 30 days of full repayment.

The timeline and place of return of the documents will be mentioned in the loan sanction letter.

In case you die, banks will have a planned out procedure to return the documents to your legal heir.

After 30 days of repayment, if the bank has not released your property documents, they will have to pay you ₹5,000/- for each day of delay.

If the documents are damaged, the banks will help you make new ones and this deadline will be extended to 60 days

This will ensure peace of mind for loan takers and make the banks more responsible and reliable.

It was a much needed move from RBI! more  

Good. We at the Institution of Engineers,8 Gokhale Road ,Kolkotta,and all over India, have celebrated "on 9 th September the Royal Charter Day". The king gave to IEI in 1913.Which is still with us. Hence no one can challenge IEI,as a trust, and it is body corporate can be challenged in High Courts only. more  
Good news.Like this there are lot of other issues with public sector banks and i think it would be good if LC starts a survey on the discrepencies in the bank. more  
Super work LC manager. I remember participating in the discussions back in 2019-2020 more  
In fact the docs must be returned rather immediately say within two working days max. more  
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