Digital Title Clear Certificate

About

What is DTCC ?

The Digital Title Clear Certificate (DTCC) module is a robust solution that aligns with RBI’s focus on Red Flagging of Accounts (RFA) and ensuring transparency in title verification. DTCC digitizes the title clearance process, enabling legal professionals to access Government-certified documents and identify potential red flags such as disputed ownership, pending litigations, or unauthorized encumbrances.
By integrating with iPVR, DTCC ensures that any EWS identified during the initial verification are thoroughly investigated before moving forward. This module significantly reduces TAT from weeks to days, ensuring timely and accurate title clearance while adhering to RBI’s guidelines for fraud prevention. DTCC is also linked with Post Mortgage Monitoring (PMM) module that facilitates compliance with mandatory mortgage registrations on SRO and CERSAI platforms, further strengthening the fraud risk management framework.

Challenges

• Lengthy TAT: Manual coordination with lawyers and vendors delays title clearance by 5-7 days.
• Administrative Hassles: Banks face challenges in tracking and following up with multiple stakeholders.
• Inconsistent Documentation: State-specific document requirements often lead to errors or omissions.
• Lack of Transparency: Communication gaps between banks, lawyers, and applicants result in inefficiencies.

Solutions

How DTCC resolves these challenges:

• Digitized Workflow:Automates the title clearance process, reducing TAT T+2/3 days
• Centralized Dashboard: Provides a unified platform for lawyers to access Government-certified documents and prepare digitized title clear certificate.
• State-Specific Customization: Tailored to meet the document requirements of each State.
• Transparent Communication:Ensures clear and timely updates for all stakeholders.

Benefits of DTCC:

• Improves customer closure ratios with faster TAT.
• Eliminates manual follow-ups and administrative hassles, reducing time and efforts of Bank resources.
• Enhances transparency and compliance with legal standards.