Guwahati: The Khasi Hills Autonomous District Council (KHADC) announced that would be compelled to shut down that banks as well as other financial institutions that do not recognise land documents issued by the Council in Meghalaya.
The KHADC’s statement came after several people complained that the banks denied them loans over the land documents which were “not recognized” by the bank.
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The KHADC chief, Pyniaid Sing Syiem said that a circular will also be issued to all banks and financial institutions regarding the matter.
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Through the circular, banks and financial institutions will be informed that they are required to recognize land documents issued by the Council.
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Syiem further said that if any bank continues to reject loan applications without recognising land documents issued by the Council, the KHADC will be forced to take action under the Non-Tribal Regulation Act.
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This could include closing down the banks.
The Act states that land documents issued by the Council should be recognized by all authorities, including banks and financial institutions.
The land recording officer is authorised to issue NOCs for mortgages, land valuation certificates, and non-encumbrance certificates.