New Delhi, Jun 30 (PTI) The Delhi government has now integrated majority of banks, financial institutions and NBFCs with its Hypothecation (HP) services, an official statement said on Thursday.
With the completion of integration, Delhi citizens can now avail hypothecation services which include addition, continuation, and termination of hypothecation of vehicle loans at the convenience of their doorstep, it said.
“This would mean that a Delhi citizen would no longer have to submit any physical documents or visit any establishment for any HPT related services which sees nearly 2 lakh transactions yearly,” it said.
This is another addition to the government’s faceless services launched last year.
Transport Minister Kailash Gahlot had on Tuesday issued directions to the department to block manual HPT services on all banks/ NBFCs, after strict instructions were given to all banks to complete integration.
As per the most recent list provided by the department, 62 banks and Non-Banking Financial Companies (NBFCs) have been fully integrated with the faceless services.
HDFC and ICICI Bank, which comprise 70-80 per cent of all vehicle loans in Delhi, have already been integrated into the system, it said.
Twenty-six more lenders, including Punjab National Bank (PNB), Kotak Mahindra Bank, Bank of India, South Indian Bank and Canara Bank, will be integrated with the system within a week.
As per a circular dated October 4, 2021, the Delhi Transport Department had instructed vehicle loan providing banks, financial institutions and NBFCs to integrate their hypothecation services with Vahan Portal so that the no objection certificate (NOC) for HP termination can be received in digital format at the Vahan platform of the National Informatics Centre (NIC) directly.
For this, all the banks/NBFCs which are in the business of financing of vehicles in Delhi, have been issued APIs and user credentials for integration with Vahan for online sharing of hypothecation termination data.
Banks/NBFCs were also directed to complete integration of Hypothecation Addition (HPA) services with Vahan portal so that full integration could be completed.
Since launch of faceless services in February 2021, more than 2.62 lakh HP related services have been availed, it said.
As a result, there is no requirement for the applicants to obtain Form 35/NOC from their banks and apply to the Transport Department for HP termination by uploading these documents.
After the auto-termination of HP, the updated Registration Certificate (RC) has been made available on mParivahan and DigiLocker platforms. The vehicle owners are also informed of the automatic termination of their HP through SMS, it said.
Hypothecation services, which include addition, continuation and termination of hypothecation on vehicle loans, is one of the most availed services of the Transport Department under ‘Faceless Services’ that were started on trial on February 19, 2021. It was officially launched on August 11, 2021 by Chief Minister Arvind Kejriwal.
Citizens avail all the transport services from the comfort of their homes without visiting the Zonal Offices of the department. From the start of trial in February 2021, 19 lakh Delhiites have availed services of the Transport department under ‘Faceless Services’.
Delhi Transport Minister Kailash Gahlot, in a statement, said, “In August 2021, Delhi became the first state in the country to move completely to faceless transport services for the citizens. Hypothecation was one of the last few services which required a citizen to visit in person before banks and NBFCs were ordered to adhere to strict deadlines for digital integration.” “This is also why we’ve blocked manual HPT services now, to ensure earliest integration and ensure that no Delhiite has to go through the hassle of submitting physical documents but complete any service through an OTP based e-sign facility. I am happy that we are only a week away from making our Hypothecation services 100% faceless,” he added. PTI SLB RC ABM ABM
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