Vikas Gawri Explains A New RBI Guideline

The recent guideline from the Reserve Bank of India (RBI) is a game-changer for borrowers who have recently paid off their loans and are eagerly waiting to retrieve their property documents.

Vikas Gawri, a finance expert, sheds light on this new scenario where banks are now obligated to pay borrowers ₹5,000 per day if there are delays in handing over the property documents post-loan repayment.

The RBI’s directive is a proactive step to safeguard borrowers’ interests and ensure that they have timely access to their property documents without any unnecessary delays.

This compensation scheme serves as a deterrent for banks and financial institutions to expedite the process of releasing property documents, ultimately benefiting the borrowers who can now reclaim ownership of their properties promptly.