With this decision of RBI, the tension of home loan borrowers will go away, compensation will be received from the bank - Newztezz Online

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Monday, June 12, 2023

With this decision of RBI, the tension of home loan borrowers will go away, compensation will be received from the bank



Documents of any person are very important for him. In such a situation, if they are lost then there can be trouble. To solve this problem, RBI is considering accepting the recommendations of the high level committee.

Often you must have seen that banks demand some documents from you for giving loan. Banks keep these documents with them till the loan is fully repaid. But suppose what happens if you lose your documents from the bank? Let us tell you, RBI has recently taken an important decision for this. If your documents are lost from the bank, then the bank may have to compensate you.

Documents of any person are very important for him. In such a situation, if they are lost then there can be trouble. To solve this problem, RBI is considering accepting the recommendations of the high level committee. In such a situation, if your documents are lost, then the bank may have to pay a fine.

This is the whole matter

In April this year, former RBI deputy governor BP Kanungo had given his report to the central bank, in which he had suggested that the bank may have to pay a penalty if it loses the borrower's paper. The views of the stakeholders have been sought on this recommendation till 7th July.

Rules made for returning documents

The panel has suggested in its recommendation that if someone's loan account has been closed, then the bank will have to fix a date for returning all his documents safely. If there is a delay in returning the documents, the bank will have to pay compensation in the form of penalty to the borrower.

By the way, banks keep these documents with them till the loan is fully repaid. If a borrower does not pay the loan on time, then the bank can take action against them with the help of these documents.

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