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    Question

    The requirement for Reporting Entities (REs) to release

    all original movable/immovable property documents and remove charges registered within 30 days after full repayment/settlement of the loan account is stipulated in which regulatory code?
    A Banking Regulation Act Correct Answer Incorrect Answer
    B Fair Practices Code Correct Answer Incorrect Answer
    C The Negotiable Instruments Act Correct Answer Incorrect Answer
    D Payment and Settlement Systems Act Correct Answer Incorrect Answer
    E Banking Companies (Nomination) Rules Correct Answer Incorrect Answer

    Solution

    As part of Fair Practices Code and to make things uniform, RBI asked "REs to release all the original movable/immovable property documents and remove charges registered with any registry within a period of 30 days after full repayment/settlement of the loan account."

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