Yes

For execution of relinquishment deed POA should be registered 

Only a release deed registered with Sub-Registrar is valid release of property. A notarized release deed is of no legal value. It the authorized representative of bank who can register a release deed. Request bank to depute its authorized person to do register release deed. If the bank fails you can force it to do the needful through District Consumer Forum .  

1. Perhaps you are referring to the Discharge Deed to be executed by the lending Bank in favour of the seller, after clearing the loan.

2. Get the Discharge Deed registered in the jurisdictional Sub-Registrar's Office from the seller.  Seller has to co-ordinate with the Bank and arrange to get the registered Discharge Deed.

3.  Do not go for a notarized Discharge document, which is not registered.

For POA for immovable property and it's transfer registration of POA is mandatory. If the said securing of release deed doesn't affect the transfer then notarized POA will do

- A notarized POA having no value in the eye of law , if related to property . 

The SRO  will not entertain the unregistered GPA for a transaction in respect of an immovable property. 

The  GPA deed should be made by a registered document only to enable the power agent to execute the registered release deed. 

Dear sir,

Notarising a power of attorney is as good as registration. Thus, the release deed can be secured from the sub-registrar's office.

Thank You