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  
Post a Comment

Related Posts

    • Misleading ads continue non stop

      See this attached ad for pollution detox by this company Himalaya which also misleads consumers like Patanjali. Why do media people not look at these ads. Why is the Government not actin...

      By RN Chopra
      /
    • New Covid is here

      A New Covid is fast spreading in China and this post is not to create fear but create awareness about it in people who may care. These are the things we know so far about New Covid that ...

      By Nikita Goyal
      /
    • Online platforms failing to lower prices of fruits veggies

      The localcircles survey on fruit veggies prices online being too high and quality average very much resonates with us.

      By Seema Shah
      /
    • The Baba following and their networths

      The net worth of Babas in India will make you go crazy. Remember, they are all considered as financially poor. 👇 Swami Nityanand: ₹10,000 Cr Aasaram Bapu: ₹11200 Cr Baba Ramde...

      By Sudesh Rai
      /
    • 29 people bit by a single dog yesterday

      In Chennai and chances are the dog had rabies. What are we doing ? https://www.localcircles.com/a/pr...

      By Reeta Kumar
      /
    • Taj hotel data breached

      If you have stayed in Taj hotels your data has been breached. Alleged data breach of Taj Hotels where Data of 1.5 million people maybe compromised. It Includes addresses, membership IDs...

      By Amit Mishra
      /
    • No police visit for passport verification

      Passport applicants will no longer be required to go to police stations for verification in Gujarat. Police officers will visit the home of applicants only if there are particular grounds to suspec...

      By Dinesh Shah
      /
    • Sweets Consumption in Urban India

      Thanks for issuing this report LocalCircles https://www.localcircles.com/a/press/page/...

      By Neelima Verma
      /
    • India’s world cup loss

      One of the gravest mistakes was keeping the final game in Ahmedabad, a stadium that the Indian team had little familiarity with as compared to Wankhede or Eden Gardens. Why was this done...

      By Shailesh Deshmukh
      /
    • Investigate cricket world cup ticket black marketing

      While the Indian team losing today was unfortunate the kind of black marketing that has happened in this worldcup has been outragious. If you paid a premium in tickets or in hotel rooms...

      By Ajay Dutta
      /
    • Need law against black marketing

      There is an urgent need to have a law in India that prohibits black marketing and leads to instant punishment. Be it bottles of water or cricket match tickets, black marketing is happeni...

      By Shivani Khiste
      /
Share
Enter your email and mobile number and we will send you the instructions

Note - The email can sometime gets delivered to the spam folder, so the instruction will be send to your mobile as well

All My Circles
Invite to
(Maximum 500 email ids allowed.)