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  • 7 years ago
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There is a rule that transport authority will add hypothecation

Reported on April 29, 2017 from New Delhi , Delhi  ι Report #162773

There is a rule that transport authority will add hypothecation on registration certificate of vehicles only when the financier is registered with reserve bank of india and is carrying a valid certificate issued by reserve bank of india to carry on business of financing of vehicles in india. but transport authorities are overlooking this rule and various financiers not having certificate from reserve bank of india are allowed to finance vehicles at exorbitant rate of interest and exploiting poor customers.

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