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
"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
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Everyone want to squeeze middle class. No one has guts to ask about the big business people and big bankers who lend money without proper security. How many such are exposed and punished or sent bouncers. We know only customer charges and bail out. Either this way or that way it is the customer who is squeezed. Big bankers and big business people are safe. more
Sep 18
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
Jul 03
If BANKS use this bouncer to collect money for big frauds, then small farmers/business man may not suicide. more
Jul 03
DEAR ALL...please call 14440 RBI OMBUDSMAN.for any BANK RELATE IRREGULARITIES.WITH REGARDS>B N DAS more
Jul 03
