Co-op bank laws
jimmy
(Querist) 29 March 2012
This query is : Resolved
Dear Sir/Madam,
I would like to know following IMP things:
1) Does a Co-op bank come under RTI act? If not, then where exactly should we ask for our queries related to the co-op bank under RTI act?
2) When a certain property is mortgaged by the co-op bank as collateral security at a certain tehsil office, isn't it a binding for the bank to make a release deed of the same property (after receiving full loan repayment) at the same tehsil office??
3) Can we complain about a co-op bank to the 'National Federation of State Co-operative Banks'for not abiding to the laws of releasing the mortgaged property even after receiving full loan repayment?? The bank in question is a co-op bank in the state of Maharashtra and it's denying the 'Release Deed' to be made at the same Tehsil office where it registered the 'Mortage Deed'of the same property for a security.Bank is saying that the release deed of the said property shall be done at the bank's head office place!(Which is a different city altogether than the one where the said property belongs and where the original mortgage deed was registered)
Awaiting for valuable feed back from the experts and thanking in anticipation!
Regards.
umapathi.s
(Expert) 30 March 2012
The cooperative Banks are not covered under RTI Act hence you are not entitled to obtain information from them directly. however, you can still get the information indirectly from RBI. Since RBI is the regulator of banking industry, you can seek these information from RBI since information would also cover "information relating to any private body which can be accessed by public authority under any law in force". secondly, since the action of the bank to release the deed is illegal, you can complain to RBI about the same or file a consumer complaint for deficiency of service. regards.
Guest
(Expert) 30 March 2012
1) About RTI: For banking related info, you can approach to RBI to requisition necessary info, otherwise you will have to approach the Registrar of Co-op Societis.
2) If mortgage deed for mortgaged property, as collateral security, has duly been registered in the Registrar or Tehsil office, is necessary to be released by the release deed. Otherwise, mere return of property papers with cancellation of the mortgage deed with due endorsement of the full & final settlement of loan can suffice.
3) Complaint about banking irregularities/ problems even by co-op bank would lie on the concerned banking ombudsman.
