Bangalore (PTI): Bangalore based Banks have joined together to host a Mortgage Registry Mechanism with a view to checking frauds in mortgage backed lending in the wake of multiple borrowings and borrowings against forged title deeds.

The mechanism, a web based solution which would capture all the important information related to the property mortgaged with banks as collateral security and would allow banks to share this information in a secured manner, Executive Director of Syndicate Bank and State Level Bankers' Committee (SLBC) Chairman in Karnataka George Joseph said on Friday.

Banks in Karnataka have been facing a number of frauds in mortgage backed lending resulting from multiple borrowings and borrowings against fake or forged title deeds, he told the 105th meeting of the SLBC held here.

The primary factor contributing to the high incident of these frauds was lack of information sharing among banks.

The member banks will be able to upload directly the details of the mortgaged properties to the server, search and generate a report on any property, Joseph said.

In the first phase, all member banks have uploaded the relevant data from a few Bangalore based branches to the server and in the second phase, branches in Mysore, Hubli, Belgaum and Mangalore will be included, he said.