22. Amendment of section 89, Central Act No. 16 of 1908.-

In section 89 of the principal Act,- (i) in sub-section (1), after the existing expression "Book No. 1" and before the existing punctuation mark ".", the expression "or get it scanned" shall be inserted; (ii) the existing sub-section (2) shall be deleted; (iii) in sub-section (3), after the existing expression "Book No. 1" and before the existing punctuation mark ".", the expression "or get it scanned" shall be inserted; (iv) the existing sub-section (4) shall be deleted; (v) the existing sub-section (5) shall be renumbered as sub-section (6) and before the sub-section (6) so renumbered, the following shall be inserted, namely:- "(5) All banks and financial institutions, granting loans on the basis of equitable mortgage whereby immovable property is mortgaged by deposit of title deeds for the purpose of securing repayment of the loan, shall send the copy of the same online to the registering officer within the local limits of whose jurisdiction the whole or any part of the property so mortgaged is situated either directly or through an agency appointed by the Central Government or the State Government and such registering officer shall keep the copy or copies in computer diskettes or in any electronic form, as the case may be, in his Book No.1."; (vi) in sub-section (6), after the existing expression "Book No. 1" and before the existing punctuation mark ".", the expression "or get it scanned" shall be inserted.