Banks cant send bouncers to collect money

The Minister of State fot Finance told parliament that RBI has issued 'Guidelines on Fair Practices Code for Lenders' which are required to be adopted by banks, duly approved by their Board.
"The said circular prohibits lenders from resorting to undue harassment in recovering loans, viz., persistently bothering borrowers at odd hours, use of muscle power for recovery of loans etc," he said.
The minister said with regard to complaints, the RBI has informed that complaints received by it regarding violation of the said guidelines and abusive practices followed by banks' recovery agents are viewed seriously.

"In such cases, the RBI can consider banning the bank concerned from engaging recovery agents in a particular area for a specified period.
"In case of persistent breach of above guidelines, the RBI can also consider extending the period or the area where the bank concerned is barred from engaging recovery agents," he said.

Everyone should keep this post handy in case they are being harassed by any bank. more  

View all 23 comments Below 23 comments
1. Suppose a person has an outstanding of ten thousand rupees, bank can call and ask the person to settle for a lower payment such as 4000 or as high as the person can afford maybe 6000.
1.a. This way banks keep their books clear and their customer free of harassment, once is 3 months.
1.b. I had availed this service in USA, when my daughter was delivered, and i had to pay the hospital close to 20,000 US dollars. The hospital called, and asked me to make an offer of how much i will be able to pay.
This hospital was at that time linked to Kaiser Permenante. See link
https://thrive.kaiserpermanente.org/care-near-you/southern-california/locate-facility/ more  
Regulations are on papers. Actions are seen by their bouncers. Bank would politely say, they have only collection agents, but the fact is no correct. All banks have bouncers to recover dues from law abiding citizen, where as bank groom major defaulters,resulting all nationalized and few private banks have top most corrupt officials. more  
If BANKS use this bouncer to collect money for big frauds, then small farmers/business man may not suicide. more  
DEAR ALL...please call 14440 RBI OMBUDSMAN.for any BANK RELATE IRREGULARITIES.WITH REGARDS>B N DAS more  
Banks and their agents are the prime culprits. Every time I make a deposit in the bank, I get calls from various financial companies to avail loans. I don't know how the information is leaked and who pays for so many unsolicited calls? more  
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