RBI released direction for the settlement of loan account

RBI released direction for the settlement of loan account: The RBI has asked all banks, non-banking finance companies (NBFCs) and asset reconstruction companies (ARCs) to release all the original movable/immovable property documents and remove charges registered with any registry within a period of 30 days after full repayment/settlement of the loan account.

Daily Current Affairs Quiz: September 2023

In case where the delay is attributable to the RE, it shall compensate the borrower at the rate of ₹5,000 for each day of delay.