Supreme Court Directs RBI to Standardize Modus and Costs for Property Title Search Report and Loan Sanctioning Officers’ Liability

The Supreme Court directed the Reserve Bank of India (RBI) to standardize the modus operandi and costs for property title search reports and clarify the liability of loan sanctioning officers. This judgment seeks to streamline the process of title searches in property transactions and make it more transparent and efficient. The ruling mandates that the procedures for conducting title searches and the costs involved be standardized across the banking sector. Additionally, it clarifies the responsibility of officers who sanction loans based on title reports, ensuring accountability and uniformity in the system.