Delhi residents no longer need to submit physical documents or visit an establishment for hypothecation services

New Delhi: Delhi residents no longer need to submit any physical document or visit an establishment for hypothecation services, as the state government has added hypothecation to the list of faceless services launched last year, officials said on Thursday

New Delhi: Delhi residents no longer need to submit any physical document or visit an establishment for hypothecation services, as the state government has added hypothecation to the list of faceless services launched last year, officials said on Thursday.

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Hypothecation services see nearly 200,000 transactions yearly, officials added

“The transport department has now integrated majority of banks, financial institutions, and Non-Banking Financial Companies (NBFCs) with its hypothecation (HP) services. 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 doorsteps,” Delhi government said in a statement.

Transport minister Kailash Gahlot had on Tuesday issued directions to the department to block manual HPT services in all banks/NBFCs, after strict instructions were given to all banks to complete integration. “We have 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,” said Gahlot