By Admin 
Loan Recovery: Have you also taken a loan from the bank for your property? If yes, then you must know these new RBI rules. Because if you don’t know then it is possible that your property may be confiscated. The Reserve Bank of India has issued new draft guidelines on Tuesday. After which now if a person is unable to repay the loan then the bank can seize his property for recovery.
What do the new rules say?
In fact, under these new draft rules, banks and non-banking financial companies (NBFCs) will be able to acquire immovable properties only as an exception in the process of loan recovery. Along with this, the Central Bank has also clarified that, under normal circumstances, Regulated Entities (RE) are not expected to hold non-financial assets in lieu of their regular lending activities.
Also read: Indian Mango: Indian mangoes, alphonso and saffron are being sold within minutes in America, tremendous craze is visible! out of stock
Action will be taken in a transparent manner
Under this rule, rules for disposal of properties related to bad loans (NPA) have been explained. RBI says that it is necessary to sell or dispose of such assets within the stipulated time and in a transparent manner, so that maximum money can be recovered. This rule will be applicable only on those loans which have already been declared NPA i.e. bad loan.
Apart from this, the bank will have to first try all other recovery methods. This provision will be applicable only if the money is not returned from them. The bank or financial institution will take possession of the specified non-financial asset i.e. such immovable property (land, house, building etc.) from the borrower in exchange for recovery of the loan. This will also include non-banking assets (NBA).
Also read: TVK Chief Thalapathy Vijay’s wife has gold reserves, not 1-2… the gold is worth so many crores.