RBI asks NBFCs to file and register all records of equitable mortgages

The Reserve Bank of India (RBI) has advised all Non-Banking Finance Companies (NBFCs) to file and register the records of all equitable mortgages created in their favour on or after March 31, 2011 with the Central Registry.

Besides that, RBI also asked regulators to register the records with the Central Registry as and when equitable mortgages are created in their favour. According to RBI it will help to reduce room for frauds as information will be available.