New Delhi, Jan. 27 -- The Supreme Court on Monday called upon the Reserve Bank of India (RBI) and other stakeholders to collaborate on developing a standardized and practical framework for preparing title search reports before sanctioning loans.
The Apex Court also emphasized determining the liability, including potential criminal action of officers approving loans based on inadequate title reports.
A bench comprising Justice J.B. Pardiwala and Justice R. Mahadevan highlighted the need for uniform guidelines governing the fees and quality standards for title search reports.
"Banks must exercise caution when relying on inadequate or cheaply obtained title clearance reports, especially when external factors influence their preparation. T...