The Supreme Court has directed the Reserve Bank of India to ensure that banks and non-banking finance companies comply with lawful procedures before seizing financed vehicles. The ruling reinforces that lenders cannot repossess assets arbitrarily and must follow due process, while also granting relief to a borrower through account closure, refund, and compensation.
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"Supreme Court Tells RBI to Enforce Lawful Vehicle Repossession Norms"
The Supreme Court has directed the Reserve Bank of India to ensure that banks and non-banking finance companies comply with lawful procedures before seizing financed vehicles. The ruling reinforces that lenders cannot repossess assets arbitrarily and must follow due process, while also granting relief to a borrower through account closure, refund, and compensation.
Supreme Court Tells RBI to Enforce Lawful Vehicle Repossession Norms
R
RDU Global Wire
BFSI & Fintech Desk
New Delhi, India Just now (10:43 AM IST)•5 min read
The Supreme Court has directed the Reserve Bank of India to ensure that banks and non-banking finance companies comply with lawful procedures before seizing financed vehicles. The ruling reinforces that lenders cannot repossess assets arbitrarily and must follow due process, while also granting relief to a borrower through account closure, refund, and compensation.
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