Tag: Kailash Gahlot

Delhi govt asks banks to integrate their vehicle loan data with VAHAN portal, BFSI News, ET BFSI

Banking & Finance

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Delhiites who have taken loans on their vehicles need not visit a bank or the transport department‘s office after October as the city government has asked the banks, financial institutions and NBFCs to integrate their vehicle loan data with the VAHAN portal of the Ministry of Road Transport and Highways. Any applicant who has taken a vehicle loan from any financial institution need not visit the bank or physically submit any document, according to a statement issued by the transport department on Monday.

“No physical documents needed for hypothecation of vehicles in Delhi after October 31,” it said.

Hypothecation is the process whereby the ownership of a vehicle taken on loan and held as collateral by a bank or a lending agency is restored to its buyer.

“We had, in the last month set a strict deadline to take all banks on board for integrating their data with VAHAN to allow termination on hypothecation services and I am happy to see that the process has picked pace and is nearly complete,” Delhi Transport Minister Kailash Gahlot was quoted as saying in the statement.

With this circular, the “no-objection certificate” (NOC) for hypothecation termination from banks and other financial institutions will be received only in the digital format at the VAHAN platform of the National Informatics Centre (NIC), the statement said.

Hypothecation services, including addition, continuation and termination on vehicle loans, are one of the most availed services of the transport department under its “Faceless Services” initiative launched in August.

Private banks HDFC and ICICI together account for 70-80 per cent of all the vehicle loans in Delhi and have already integrated their loan-related data with the VAHAN portal, according to the statement.

Delhiites need not visit a bank for the NOC as they can directly apply for hypothecation removal on the transport department’s website under “Faceless Services”.

Earlier, after the foreclosure of a loan, an applicant had to apply for termination of hypothecation and submit Form 35 and an NOC from the bank within 90 days.

The circular says from November 1, the banks or financial institutions that fail to integrate the data with the VAHAN portal would not be allowed to enter their data of hypothecation into the transport department’s database. PTI VIT RC



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Why RTO under lock and key is good news for you, BFSI News, ET BFSI

Banking & Finance

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NEW DELHI: On Wednesday morning, chief minister Arvind Kejriwal put a lock on the large gates of the Regional Transport Office (RTO) at IP Depot to open a “faceless services” for Delhiites, thus becoming the first state in the country to provide online facilities on such a large scale.

Starting with three services on a trial basis in February, 33 major transport-related facilities have now become online covering almost 95% of all applications that Delhi government’s transport department receives. Through these services, including an e-sign facility, applicants would be able to save time and money spent on visiting the RTOs.

Delhi has also become the first state to provide online learner’s licence through an AI-based facial recognition software for ensuring maximum security supported by an Aadhaar-based authentication system.

After putting a lock on the New Delhi zone RTO, Kejriwal said there used to be a time when getting a driving licence meant intense discussion on whom to approach for reference or which agent to hire. “People would stand in lines and objections would be made in their application repeatedly. Eventually, they would get tired and get an agent to do it,” he added.

“Today, what we are doing signifies the India of the 21st century. It is a massive step along the direction of technological revolution. Offices and files are now completely digitised. Even the 1076 agent won’t come to your doorstep for any papers. Now, you just have to login to your computer and get all your work done. All services of the transport department are now digital. There is no need to collect documents and stand in lines, no need to take a holiday from work and no need to hire a middleman or agent,” said the CM.

Transport minister Kailash Gahlot said, “Faceless means that now no applicant needs to come to the MLO or officer in any zonal office of the transport department. Whether you are at home, office or cyber cafe, you can do all the things that you used to by going to the office at your convenience.”

Gahlot added that four RTOs — IP Depot, Vasant Vihar, Sarai Kale Khan and Janakpuri — were closed on Wednesday, but helpdesks would be available to ensure a smooth transition. He said 3.5 lakh faceless service requests were received since February 19 and the success rate of approval so far was more than 80% and rejection rate less than 1%.

Meanwhile, the transport department has partnered with ICICI Bank to provide automatic termination of hypothecation on full repayment of loan. At present, vehicle owners have to get a NOC from the bank to get their hypothecation terminated. More banks are expected to come on-board and provide the service soon.

Nearly 32.6 lakh vehicles would benefit from this initiative. The transport department said it had developed a software through NIC for API-based integration of hypothecation data with the Centre’s Vahan software for issuance of automatic online NOC by banks.

“We’re happy to partner with ICICI on this ambitious project. HP addition and termination are one of our most availed of services and its automation, under the leadership of CM Arvind Kejriwal, will set a benchmark in simplifying service delivery. I urge more banks to join hands with us,” Gahlot tweeted.



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