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SC asks RBI to ensure banks, NBFCs seize financed vehicle lawfully
Highlighting RBI's directive that a financed vehicle can be seized only through "lawful means", the Supreme Court on Wednesday directed the federal bank to enforce its guidelines on non-banking financial companies and scheduled commercial banks to ensure that borrowers are not dispossessed of their hypothecated vehicles without due process of law. The top court's direction came in a judgement in which it ordered Cholamandalam Investment and Finance Company Ltd to close the loan accounts of a tr…
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