NEW DELHI: As many banks and financial institutions have come under scanner for harassing homebuyers in connivance with real estate companies particularly in case of subvention plan and facing Central Bureau of Investigation (CBI) probe on direction of the Supreme Court, banking regulator RBI has virtually shrugged off its responsibility and told SC that it has over the years issued various guidelines and circulars to monitor use of loan amount by developers to prevent misuse and siphoning of funds. It also said that it had directed banks not to resort to intimidation or harassment of any kind for recovery of loan amounts from buyers.Under the subvention scheme, banks disburse the sanctioned amount directly to the the builders, who then have to pay EMIs on the sanctioned loan amount, until possession of the flats is handed over to homebuyers. As many builders did not complete construction and started defaulting in paying the EMIs to the banks as per the Tripartite Agreement, the banks started action against the buyers to recover the EMIs and it is the SC which came to their rescue by ordering a probe into the alleged ‘unholy’ nexus of builders and banks.In an affidavit filed in the apex court, RBI referred to various directions and guidelines issued by it from time to time and said, “RBI has performed its duty in discharge of its statutory obligations under the various statutes, including those under the BR (Banking Regulation) Act.”The regulator said it had way back in 2015 taken cognisance of the practices such as Subvention Schemes and had issued guidelines as per which disbursal of housing loans sanctioned to individuals should be closely linked to the stages of construction of the housing project and upfront disbursal should not be made in cases of incomplete or under-construction housing projects. In a relief to many homebuyers who booked flats under subvention plan and have not got possession of their flats because of inordinate delay by developers, SC had in July last year directed that no coercive action could be taken against them by banks or builders regarding payment of EMI and no complaint shall be entertained against them for cheque bounce cases. Seeking intervention, hundreds of homebuyers had moved the SC against banks and builders.
