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<ul><li>Once you pay the last outstanding payment, you need to write to the lender asking for the loan closure statement/NOC certificate. </li><li>It is necessary to retrieve all the original documents you provided to the lender. </li><li>Once you close your loan, request the lender to update your credit records with the credit bureaus. </li></ul>If you've fully repaid your home but are experiencing delays from banks in providing your mortgaged property documents, there is good news for you. The Reserve Bank of India (RBI) recently issued a directive instructing banks and other financial institutions to release the original property documents within 30 days following the complete repayment and closure of the loan account. For any delay the bank or financial institution has to pay ₹5,000 per day to the borrower. Paying off a home loan takes years and paying it off is a definite financial milestone for all homeowners. However, while that may be a cause of celebration, your job is not done, yet. There are certain loose ends that still need to be tied up to ensure due diligence and peace of mind. We take a look. <cmsannotation type="cmsannotation" annotationid="Collect the NOC certificate" comment="Subhead" text="Collect the NOC certificate">Collect the <keyword id="6129400" type="General" weightage="20" keywordseo="noc-certificate" source="Orion">NOC certificate</keyword></cmsannotation> Once you pay the last outstanding payment, you need to write to the lender again stating the facts and asking for the loan closure statement/ no objection certificate (<keyword id="48949" type="General" weightage="20" keywordseo="noc" source="Orion">NOC</keyword>) certificate. It is also referred to as a no dues certificate (NDC). “The NOC certificate summarises the home loan details, for example, the home loan agreement details, EMI details, principal outstanding, overdue interest, total receivables, etc,” says Adhil Shetty, CEO, BankBazaar, an online financial marketplace. Secondly, since the loan has been closed, it should state that all the dues are paid by the borrower and the lender does not have any rights or claims on the property. Make sure this paper is duly signed and has the lender's stamp. <cmsannotation type="cmsannotation" annotationid="Retrieve original documents" comment="Subhead" text="Retrieve original documents">Retrieve original documents</cmsannotation> It is very important to retrieve all the original documents you provided to the lender when you initially took out the loan. When you first obtained the loan, the bank would have furnished a list of the documents you submitted. “If the lender was holding any original property documents as collateral, make sure to collect them back,” says Atul Monga, co-founder and CEO, BASIC Home Loan, an automated home loan platform. Ideally, it's advisable to personally collect your documents from the lender rather than having them sent to you. This way, you can verify the documents at the lender's office to ensure that nothing is missing. Before signing any acknowledgment confirming the receipt of the documents, it is essential to thoroughly inspect all the pages of each document to ensure that none of them are lost or misplaced. This diligence helps safeguard your legal and financial interests by maintaining a complete and accurate record of your loan-related documents. <cmsannotation type="cmsannotation" annotationid="Remove the lien on your property" comment="Subhead" text="Remove the lien on your property">Remove the lien on your property</cmsannotation> In certain situations, lenders may place a lien on a property, essentially restricting the property owner from selling it. When the loan has been fully repaid, it becomes necessary to remove this lien. The process typically involves a visit to the Registrar's Office, accompanied by an official from the lending institution. This procedure ensures the formal removal of the lien, thereby allowing the property owner to regain full control and rights over the property, including the ability to sell it without any encumbrances. <cmsannotation type="cmsannotation" annotationid="Obtain the updated encumbrance certificate" comment="Subhead" text="Obtain the updated encumbrance certificate">Obtain the updated encumbrance certificate</cmsannotation> The encumbrance certificate serves as a comprehensive record of all financial transactions related to a property. When a new encumbrance certificate is issued, it contains crucial information such as the transfer of home ownership, any existing liens on the property, and the details of any lien removal, particularly in the case of a home loan. This document holds legal significance as it certifies that the property is free from any outstanding financial liabilities. “It certifies that a particular property is free from any monetary or legal liabilities, such as outstanding mortgages or loans,” says Monga. Obtaining a clear encumbrance certificate is an important step to establish that the property is unencumbered and ready for any legal or financial transactions, such as property sales or transfers. Update credit report: Once you close your loan, request the lender to update your credit records with the credit bureaus. “Check your credit report after the stipulated time, usually 30 days, to make sure the changes reflect. If not, write to the credit bureau directly with a copy of your NOC and request them to update their records,” says Shetty. Check again after 30 days to ensure that the records are updated.

Paid off your home loan? You need to complete this following checklist

<ul><li>The Government of <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> is working on an initiative to <keyword id="11536969" type="UNKNOWN" weightage="20" keywordseo="reduce-compliance">reduce compliance</keyword> burden on MSMEs across states.</li><li>Jayesh Ranjan, Principal Sec., I&amp;C and IT Depts, <keyword id="68884" type="LOCATION" weightage="20" keywordseo="Telangana">Telangana</keyword> government highlights Telangana ranks third in Ease of Doing Business ranking in the country.</li><li>With the help of government initiative, Punjab has already removed 493 compliances in one day.</li></ul>In March 2021, while addressing a webinar on the production linked incentives (PLI) scheme through video conferencing, Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> said, ”Our effort is to reduce 6,000 compliances burden on entities at the state and central level to boost domestic manufacturing.” Human resources firm <keyword id="133742" type="COMPANY" weightage="20" keywordseo="TeamLease">Teamlease</keyword>, which is consulting the government of India as well as states in this project, said that Punjab and Telangana have made some good progress in this regard. “The government is undertaking a massive exercise to reduce compliance burden on MSMEs. It has engaged Teamlease to study laws under which compliance has to be carried out by companies. Some of the laws are really outdated. In fact, this issue has been raised in front of the Prime Minister as well,” said Jayesh Ranjan, the information technology (IT) secretary of Telangana, while speaking at Business Insider’s MSME Exchange, a virtual event dedicated to small businesses. Overall, the Teamlease team has identified over 69,233 compliances active in the country from which 43,696. Further, there are 1,536 acts and 6,618 filings active in the country for businesses. Teamlease is working with 29 states, out of which only Punjab has been able to execute some reduction in compliances. It has removed 493 compliances in one day. Next state that will execute some reduction in compliances is expected to be Telangana. For most businesses, labour laws constitute more than half of the compliance burden. Labour laws are a set of compliances that set the tone for the treatment of the labour force in the workplace like child labour laws. Non-compliance with the laws can lead to punitive action towards the company. Let’s look into sector-wise classification in compliances: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sector </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Acts </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Compliances </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Filings </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Industry specific </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">484 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">17,966 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1,262 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Labour </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">463 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">35,542 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3,048 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Commercial </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">189 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">6,928 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">472 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Finance &amp; Taxation </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">116 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3,284 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">990 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">General </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">109 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2,065 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">122 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Environment, Health &amp; Safety </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">107 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2,922 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">231 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Secretarial </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">68 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3,526 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">493 </td></tr></tbody></table> Manish Sabharwal, chairman of TeamLease, said the team has been working with 29 states at a time to help them understand and reduce compliance. “The first state to actually cut down on compliance is Punjab who has removed 493 compliances in one day. And another state will be Telangana,” said Sabharwal. Rishi <keyword id="12857" type="COMPANY" weightage="20" keywordseo="Agrawal">Agrawal</keyword>, chief executive officer (CEO) of Avantis Regtech – a TeamLease group company explains the compliance struggle for the MSME industry: <ul><li>A typical MSME with more than 150 employees deals with 500-900 compliances in a year. With this, they end up spending around 80,000 to 1 lakh in a month and about 12-18 lakhs in a year just on filing several compliances like with labour laws, tax consultant and so on.</li><li>To help you with these compliances, a consultant will charge around ₹35,000 (differing as per the state and complexity of the filings).</li><li>Besides, there is hardly any digitisation in terms of filing compliances.</li><li>In addition to it, MSMEs witness sudden visits from inspection authorities which is a time consuming process. </li><li>Talking about compliances required to open a factory, Agrawal says one needs about 4,000 pages of non-objection certificates (<keyword id="48949" type="COMPANY" weightage="20" keywordseo="NOC">NOC</keyword>) and filings. </li></ul>Due to the pandemic, the process had been stalled, but sooner the states execute these recommendations, the better for businesses. See Also - <a href="https://www.businessinsider.in/tech/apps/news/one-year-of-chinese-apps-ban-indian-alternatives-take-over-tiktok/articleshow/83943865.cms">https://www.businessinsider.in/tech/apps/news/one-year-of-chinese-apps-ban-indian-alternatives-take-over-tiktok/articleshow/83943865.cms</a> <a href="https://www.businessinsider.in/stock-market/news/kims-ipo-listed-in-stock-market-at-over-20-premium/articleshow/83912694.cms">KIMS IPO: Stock listed at over 20% premium, loses initial gains after soaring to ₹1059 per share</a>

Teamlease reveals that some states in India are moving faster than others in trying to remove archaic laws

New Delhi, Jan 5 () IRB Infrastructure Developers on Sunday said it has received a no objection certificate from the NHAI for transfer of nine BOT (build-operate-transfer) assets to IRB Infrastructure Trust and subsequent investment by GIC affiliates for 49 per cent stake in the Trust.
 In a filing to the BSE, the company said it has "received NOC from NHAI for transfer of nine of IRB Infrastructure Developers Ltd BOT assets to IRB Infrastructure Trust..."
 "SEBI has already granted the Certificate of Registration...to the Trust to which the company is a Sponsor, to carry out the activities as an InVIT, subject to the conditions specified in the SEBI Act, 1992 and the Regulations made thereunder. Further, 98 per cent of our lenders have approved their NOCs supporting the deal and we expect to close the balance shortly," it said.
 In August 2019, the company had announced signing definitive agreements with GIC affiliates, for an investment up to Rs 4,400 crore -- amounting to 49 per cent stake in a portfolio of 9 of its assets through Private InvIT structure (viz IRB Infrastructure Trust), while IRB retains controlling stake of 51 per cent in the Trust.
 The portfolio spans across l,200 kms in Haryana, Uttar Pradesh, Rajasthan &amp; Gujarat, Maharashtra and Kamataka.
 Three of these projects are operational and balance six are under various stages of construction.
 Five of the assets under construction are four to six laning projects, where tolling as well as construction has already begun. These projects are strategically located along economic corridors and across tourist hubs.
 The Investment proceeds from the deal will be used for part deleveraging of the portfolio and equity funding for under construction projects of the portfolio
 As the project manager for the Trust, IRB will execute the balance construction and O&amp;M for the Portfolio.
 GIC will also hold 49 per cent in the Investment Manager (IM) entity to manage the Trust.
 This transaction will significantly deleverage the said portfolio, and give IRB material equity support for construction completion, enhancing its project execution capabilities and increasing visibility for its EPC and O&amp;M order book. SID MKJ

IRB Infra gets NOC from NHAI for transfer of 9 BOT assets

Petrol pumps and LPG retail outlets based in Bengaluru and other urban areas of Karnataka might be mandatorily asked to obtain a No Objection Certificate (NoC) from the oil marketing companies in case they want to switch businesses. 
 
This means that oil companies too will need to approve the changes that the landlord decides in using the land. It was after the ministry of petroleum and natural gas sent a letter to the urban development department, asking it to treat retailing of petrol, diesel and LPG as essential activities that the department sent a circular to this effect to BDA and other state authorities. 
 
The new rule only applies to outlets that are affiliated to public sector oil marketing companies, leaving private retail outlets untouched. 
 However, the new rule has not met the consent of <keyword id="3511610" type="UNKNOWN" weightage="100" keywordseo="IT-Bangalore-Petroleum-Dealers-Association">IT Bangalore Petroleum Dealers Association</keyword>, which has expressed its grief. 
 
Association president BR Ravindranath said that the pumps are closing down because the landlords don't want to renew the lease keeping in mind the poor rentals that these state-run oil firms pay. 
 
"They want to pay peanuts for the land they get. Instead of making rentals attractive, they come up with irrational rules such as this infringing upon the fundamental rights of citizens," he told <a href="http://economictimes.indiatimes.com/industry/energy/oil-gas/noc-must-if-fuel-pumps-want-to-switch-business/articleshow/53374645.cms">ET</a>. 
 
"The oil marketing companies are making no efforts to retain the landlords, and as a result, more than a dozen pumps have closed down in the past two years," he added. 
 
<a href="http://blog.sajithm.com/wp-content/uploads/2008/07/20080703_132213.jpg">Image source</a>

Karnataka govt brings new rule for petrol pump owners, mandates NOC for switching businesses

New Delhi, March 27 () Vehicle owners will now have to provide their mobile numbers for availing any service related to registration of their vehicles, according to the government. The Ministry of Road Transport and Highways on Friday said it has amended the Central Motor Vehicles Rules, 1989 "to capture mobile numbers of the owners when availing any service relating to the registration of the vehicles". In this regard, a notification was issued last week for amending various forms, the ministry said in a statement. "These forms pertain to various aspects relating to motor vehicles like, registration, transfer, register of vehicles, renewal, duplicate copy, grant of NOC, change of address, entry or termination entry for hire / purchase / hypothecation, etc," it said. NOC is No-Objection Certificate. The ministry also said that as per the amended rules, vehicle owners would be required to provide their mobile numbers whenever they apply for availing any of the relevant services. NAM RAM

Govt says owners need to provide mobile numbers for vehicle registration-related services

New Delhi, Mar 13 () Fair trade regulator CCI has asked Bengal Chemists and Druggists Association (BCDA), its two district committees, Alkem Laboratories and Macleods Pharmaceuticals to refrain from indulging in anti-competitive business practices. The district committees are Murshidabad District Committee and Burdwan District Committee. In a press release, CCI said it has passed an order against the entities for violating provisions of the Competition Act by involving in anti-competitive business practices. The Competition Commission of India (CCI) found that pharmaceutical companies -- Alkem Laboratories and Macleods Pharmaceuticals-- had an anticompetitive agreement with BCDA. CCI noted that BCDA used to mandate pharmaceutical companies in some districts of West Bengal to ask their new stockists to obtain a stock availability information (SAI) / no objection certificate from BCDA before supply of drugs can be commended to them and used to collect monetary considerations for issuance of SAI through its district committees. Also, the promotion cum distributor agents of pharma companies had to obtain product availability information from BCDA after paying money to the association in the form of donations to start marketing drugs of their respective pharma companies in West Bengal. Since BCDA has taken several steps to stop the practice of requiring NOC/ SAI and Alkem and Macleods have filed the plea before the Commission that they were indulging in such conduct under threat from BCDA, CCI has "decided not to impose any monetary penalty on the erring entities." SRS ANUANU

CCI asks Alkem Labs, Macleods Pharma, BCDA not to indulge in unfair biz practices

New Delhi, Dec 22 () The Indian Banks' Association (IBA), headed by SBI Chairman Rajnish Kumar, will come out with a framework around April to address issues related with consortium lending to industry and finding solution for alternate sources of borrowing for them.
Industry faces problem, particularly in consortium and multiple lending and if even a small NOC (no objection certificate) is required, the borrower keeps going around the banks, so it may take six months or one year or even one-and-a-half years to get the funding, Kumar said at an industry event. 
"And the NOC may come or may not come and all your (industry borrower) plan goes for a toss. So there has to be a system in the decision making where these decisions can be taken on time," he said while speaking at the FICCI Annual Convention here on Saturday.
And to address these issues, there are two things which are happening, one is at the IBA level and another by RBI to develop secondary market for loan to corporates.
"I have decided to set up a working group that will examine all these issues around consortium and multiple banking lending and see to it that standardisation happens and it becomes hassle free as far as the borrowers are concerned," Kumar said.
"We will try to make an arrangement that if there are some dissenting lenders, how we can give them exit (from consortium of lenders), all these issues will be deliberated. So that is a step you will see next three months or at least from April, IBA should be able to come out with a framework," said the SBI Chairman addressing concerns of the industry regrading borrowing.
He said the working will comprise six members with representatives from public, private and foreign banks.
"IBA has taken members from foreign, private and public sector banks so that there is a commonality of approach. It is not that public sector banks are going in one direction, foreign banks in other and private sector banks are going in another direction," Kumar said.
For creating an alternative source of funding, he said the industry is aware that the Reserve Bank has already set up a working group for developing the secondary market for corporate loans.
"With what the decision IBA has taken along with the plan to develop secondary market for corporate loans, a market mechanism will be created for trading of loans as well as the availability of credit and timely decision making."
Thus, discipline will come among the bankers as well as the borrowing companies," he said. KPM MKJ

IBA mulls bringing framework to address consortium lending issues

New Delhi, Dec 31 () The government is considering setting up an investment clearance cell and provide defined timelines for all kinds of state and central approvals to attract investments, an official said.
 In order to further ease the business climate of the country, it is also looking at developing a single application form for all kinds of clearances and provide deemed approvals, the official said.
 For onboarding central departments and states, the government is looking at two single point of contacts, one each from central department and state; list of licences and documents; detailed processes; timelines for each approval /deemed approvals; and support for IT systems integration from all departments, the official added.
 The Department for Promotion of Industry and Internal Trade (DPIIT) is working on the proposal, which could be implemented in four phases.
 According to the proposal, an investor would also be able to track the status of his/her application.
 Currently, an investor has to seek several approvals such as company incorporation, GST registration, import export code, environment clearance, and NOC for ground water extraction, at central and state government levels.
 Investors require single application, self certification, document submission at single place, time bound/deemed approvals, real time status update.
 The department is also considering framing a law for the proposed investment clearance cell and defined timelines for approvals for central departments. RR ANU
ANU

Govt mulls single application form, investment clearance cell to woo investors

<ul><li>The 30-share BSE index opened 176.87 points higher, and the NSE Nifty was up 0.45% at 13,172.80.</li><li>Here’s a list of the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian equity benchmark indexes rallied in early trade to hit a fresh intraday record on Thursday, tracking gains in index majors HDFC Bank, Reliance Industries and Maruti amid largely positive cues from global markets. The 30-share BSE index opened 176.87 points higher, and the NSE Nifty was up 0.45% at 13,172.80. Here’s a list of the top losers and gainers in the Nifty pack. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Maruti Suzuki India </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI Life </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hindalco </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bharti Airtel </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Steel </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Auto </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">GAIL </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UPL </td></tr></tbody></table>*as of December 3, 10:00 am These are the top stocks in news today. HDFC Life gains nearly 2% The shares of HDFC Life gained nearly 2% after<a href="https://economictimes.indiatimes.com/markets/stocks/news/standard-life-to-sell-27-8-million-shares-of-hdfc-life-on-thursday/articleshow/79533414.cms"> media reports claimed</a> that Standard Life is looking to sell up to 2.78 crore shares of HDFC Life through a block deal today to raise up to ₹1,770 crore. The sale price has been fixed at ₹605-636.50 apiece. Wipro opens a percent higher The shares of Wipro opened over a percent higher after the company bagged a multi-year contract from Verifone, a global leader in payments and commerce solutions, to drive agility across its cloud services offerings. IndiGo trades 2% higher The shares of India’s largest private airline IndiGo gained over 2% after the company said it has reached 70% of its pre-Covid capacity and is operating 1,000 daily international and domestic flights. DHFL locked in 5% upper circuit The shares of cash-strapped DHFL were locked in a 5% upper circuit after the Committee of Creditors for cash-strapped DHFL had voted in favour of inviting revised bids. And, December 14 has been set as the new deadline to submit bids. Tata Chemicals gained over 6% The shares of Tata Chemicals gained over 6% after Tata Sons bought shares worth ₹76 crore in the company. RIL and Future Retail trade in green The share of RIL and Future Retail were trading in the green territory after the Indian market regulator <a href="https://www.livemint.com/news/india/sebi-asks-bse-to-clarify-on-noc-to-ril-future-deal-11606901705869.html">SEBI has asked the BSE</a> to clarify on the no-objection-certificate (NOC) given by the exchange to the Future Group for amalgamation of some of its business as part of the ₹24,713 crore deal by Reliance Industries’ retail arm. SpiceJet gains over 2% The shares of India’s largest cargo operator gained over 2% after the company expressed it intends to expand the cargo business considerably over the next two years, after great success during the pandemic. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/burger-king-grey-market-premium-and-heres-what-brokerages-say-about-the-ipo-opening-tomorrow/articleshow/79508730.cms" data-type="tilCustomLink">Burger King India IPO opens today — brokerages recommend ‘subscribe’ on attractive valuations</a> <a href="https://www.businessinsider.in/india/news/delhi-chalo-no-breakthrough-in-talks-government-seeks-farmers-objections-suggestions-on-farm-laws/articleshow/79521894.cms" data-type="tilCustomLink">Delhi Chalo: No breakthrough in talks, government seeks farmers' objections, suggestions on farm laws</a> <a href="https://www.businessinsider.in/science/news/china-just-landed-its-change-5-spacecraft-on-the-moon-the-mission-could-bring-moon-rocks-to-earth-for-the-first-time-in-40-plus-years-/articleshow/79520221.cms" data-type="tilCustomLink">China just landed its Chang'e-5 spacecraft on the moon. The mission could bring moon rocks to Earth for the first time in 40-plus years.</a>

Sensex, Nifty hit record high — these are the top movers in trade today

<ul><li>At 7:50 am, the SGX Nifty was trading flat, indicating a slow start for Nifty50.</li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock-market indices are likely to start on a tepid note on Wednesday, led by mixed cues from the global markets. At 7:50 am, the SGX Nifty was trading flat, indicating a slow start for Nifty50. However, on Wednesday, after an initial morning decline, <a href="https://www.businessinsider.in/stock-market/news/us-stocks-erase-losses-finish-higher-amid-renewed-stimulus-optimism/articleshow/79538793.cms">US stocks finished mostly higher as investors </a>latched onto hope that another round of fiscal stimulus to hasten the economic recovery is just around the corner. The Dow Jones Industrial Average closed 60 points higher, and the S&amp;P 500 was up 0.18%. These are the stocks to watch out for during the trading session today: RIL and Future Retail The Indian market regulator <a href="https://www.livemint.com/news/india/sebi-asks-bse-to-clarify-on-noc-to-ril-future-deal-11606901705869.html">SEBI has asked the BSE</a> to clarify on the no-objection-certificate (NOC) given by the exchange to the Future Group for amalgamation of some of its business as part of the ₹24,713 crore deal by Reliance Industries’ retail arm. The shares of RIL ended 0.21% higher on Wednesday, whereas Future Retail ended in red. Bharti Infratel and Bharti Airtel Bharti Airtel said its subsidiary Nettle Infrastructure Investments had acquired an additional 4.94% stake in Bharti Infratel for ₹2,882.32 crore. With this transaction, Bharti Airtel’s total stake in its mobile tower arm Infratel has increased to 41.66%. The shares of Bharti Infratel ended 4.40% higher on Wednesday, whereas Bharti Airtel ended in 1% higher. Wipro Wipro wins a multi-year contract from Verifone, a global leader in payments and commerce solutions, to drive agility across its cloud services offerings. The company said it would develop new features, capabilities and interfaces for Verifone’s Cloud Services offerings, enabling seamless and flexible transaction processing for the company. The shares of Wipro ended 1.8% higher on Wednesday. Dabur The company has responded to a study by the Delhi-based NGO Centre for Science and Environment (CSE) and said that its honey had passed the Nuclear Magnetic Resonance (NMR) test in Germany and it is complying with 22 parameters mandated by FSSAI for testing honey. The CSE study shows that 10 of the 13 brands of honey sold in India, including Dabur had failed the NMR test. The shares of Dabur ended 0.61% lower on Wednesday. DHFL The Committee of Creditors for cash-strapped DHFL has voted in favour of inviting revised bids. And, December 14 has been set as the new deadline to submit bids. The shares of DHFL ended 5% higher on Wednesday. Raymond Raymond’s subsidiary Silver Spark Apparel has entered into a share transfer agreement to divest its entire stake in its subsidiary Dress Master Apparel for ₹19.07 crore. The shares of Raymond ended 0.36% lower on Wednesday. Tata Chemicals Tata Sons bought shares worth ₹76 crore in Tata Chemicals. The shares of Tata Chemicals ended 6% higher on Wednesday. SpiceJet SpiceJet intends to expand its cargo business considerably over the next two years, after great success during the pandemic, the company’s Chairman and Managing Director, Ajay Singh said in their annual report. The shares of SpiceJet ended 4% higher on Wednesday. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/burger-king-grey-market-premium-and-heres-what-brokerages-say-about-the-ipo-opening-tomorrow/articleshow/79508730.cms" data-type="tilCustomLink">Burger King India IPO opens today — brokerages recommend ‘subscribe’ on attractive valuations</a> <a href="https://www.businessinsider.in/india/news/delhi-chalo-no-breakthrough-in-talks-government-seeks-farmers-objections-suggestions-on-farm-laws/articleshow/79521894.cms" data-type="tilCustomLink">Delhi Chalo: No breakthrough in talks, government seeks farmers' objections, suggestions on farm laws</a> <a href="https://www.businessinsider.in/science/news/china-just-landed-its-change-5-spacecraft-on-the-moon-the-mission-could-bring-moon-rocks-to-earth-for-the-first-time-in-40-plus-years-/articleshow/79520221.cms" data-type="tilCustomLink">China just landed its Chang'e-5 spacecraft on the moon. The mission could bring moon rocks to Earth for the first time in 40-plus years.</a>

You Searched For "noc certificate" and got 10 results

Paid off your home loan? You need to complete this following checklist

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Govt mulls single application form, investment clearance cell to woo investors

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Sensex, Nifty hit record high — these are the top movers in trade today

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