Debt/Loan Recovery agents and RBI rules

The loan and debt recovery agents of NBFC and banks are working in violations of RBI rules for the same.

Some agents call repeatedly even though the customer number may be wrong. Some even show up at door steps at times, some at wrong doors. Some come with bouncers.

Utlimately there is total harassment of people. Can LC Manager escalate this to RBI to either enforce rules for collecting agencies or banks or NBFCs. more  

View all 13 comments Below 13 comments
The banking system needs a major overhaul. Substance has to prevail over form. From Loan appraisal to security things are not the best. All they keep doing is KYC every now and then. From Sanction to disbursement to loan service a close association with the borrower is needed to ward off loans going bad. A balance is needed between ability to repay and risk. Many loan schemes run out of control when objectivity and rationale are lost while sanctioning loans. (Often because teh bank official has taken a commission or a bribe) more  
It is a fit case to be taken up by Local Circles with the authorities. more  
Such a relevant subject more  
The Loan officer or the Bank should have strict wetting process so that habitual defaulters are denied loan. If the Bank is forced by higher authorities then it is a different problem. This reminds me of a defaulter who when asked about a loan default said “ they know my background and still gave me a loan. It is heir fault not mine!” more  
Quite often govt banks give loans to ineligible persons after taking bribe or to achieve target. The amount involved in small loan defaults is much more than big ticket loan defaulters. After all this is great India. more  
Harassment is real. I have faced it too. I went through a difficult stage financially due to career gap. Borrowed from banks with the intent to pay. Interest rate was over 35% and i signed for it. However sometimes i could not pay the installment. Then the calls would come endless with abusive language. Yes even people showed up at home, and i firmly refused to meet them. more  
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