Srinagar, Dec 30: In an important clarification, the Regional Transport Office (RTO) has announced that the termination of vehicle hypothecation must now be processed directly by banks and non-banking financial institutions through the Vahan Portal.
As per Notice issued by the RTO Kashmir, a copy of which lies with the news agency—Quick News Service (QNS), The RTO emphasized that banks and most non-banking financers have been granted access to the Vahan Portal for direct handling of hypothecation termination. Despite this, some vehicle owners continue to approach the RTO for the same and are also depositing fees online.
The RTO explained that due to the shifting of responsibilities to financial institutions, applications submitted to the office for hypothecation termination remain unresolved.
To avoid inconvenience, the RTO has reiterated that applicants should no longer visit the office or pay fees online for hypothecation termination. Instead, the process must be completed by the concerned bank or financer.
Once the hypothecation is terminated via the Vahan Portal, applicants can proceed with other vehicle-related services, such as Transfer of Ownership or Replacement of Registration Certificate (R/C), through the RTO’s online platform.
This measure is aimed at streamlining vehicle financing procedures and ensuring a more efficient system for vehicle owners.(QNS)
