Bank Penalty: Take back the documents kept for loan from the bank, penalty will have to be paid in c

Bank Penalty: Take back the documents kept for loan from the bank, penalty will have to be paid in case of delay.

 Nowadays, taking loan has become a necessity for every person. Sometimes someone has to take a tax loan, sometimes a home loan, sometimes someone has to take a loan for other essentials, but while taking the loan, the bank keeps your original documents with itself and when you need, the entire installment of your loan is paid. Once this is done, one has to visit the bank several times to collect the original documents.

 Some cases came to light.

 Recently there have been some similar cases in which people took a loan from the bank and after that their original documents were submitted to the bank, they had to face a lot of problems to get it back and after that they filed a complaint against the concerned bank in the RBI. It was registered, RBI heard the cases and gave a verdict against the bank and in favor of the victim.

 Penalty imposed on the bank.

 In all these cases, RBI issued a notification saying that after the loan installment is paid, the original documents of the customer will have to be returned to the bank within 30 days, failing which a penalty of Rs 5000 per day will be imposed on the bank.