The Bombay High Court has ordered State Bank of India to pay Rs 5,000 a day in compensation after the bank admitted it had lost the original property documents deposited as security for a loan that was fully repaid more than two decades ago.
The court said a bank cannot escape responsibility for missing property papers by arguing that the borrower took years to ask for their return. The compensation will apply from December 1, 2023 until SBI completes the reconstruction of the missing title records.
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