RBI has issued some directions regarding releasing of property documents within a certain time period.Which of the following statements is/are true regarding the given information-

I.  The Reserve Bank of India (RBI) notified that regulated entities (RE) should release the original moveable and immoveable property documents and remove charges registered with the registry within 30 days after full repayment and settlement of the loan account.

II.When delays are attributed to REs and extend beyond 30 days, they will be required to compensate borrowers at a rate of Rs 7000 per day for each day of delay.

III.These directives will apply to cases where the release of original property documents is scheduled on or after November 1, 2023.

Solution

The Reserve Bank of India (RBI) notified that regulated entities (RE) should release the original moveable and immoveable property documents and remove charges registered with the registry within 30 days after full repayment and settlement of the loan account.   In cases where delays are attributable to REs and extend beyond 30 days, they will be required to compensate borrowers at a rate of Rs 5,000 per day for each day of delay.   REs must also communicate the reasons for the delay to the borrower. These directives will apply to cases where the release of original property documents is scheduled on or after December 1, 2023.  The RBI issued these directives to address the challenges faced by borrowers and promote responsible lending conduct among REs.