MUMBAI: The Reserve Bank of India (RBI) has issued guidelines to banks regarding the release of documents related to movable and immovable property upon full repayment of loans by customers. These guidelines have been introduced to address discrepancies in the practices followed by banks, which have led to customer grievances and disputes.
These directives apply to cases where the release of original movable or immovable property documents is scheduled on or after December 1, 2023. To promote responsible lending conduct among banks and address these issues, the RBI has outlined several measures:
