What Can Protect You From A Mean Credit Policy Of A Bank And The Menace Called Recovery Agent
New Delhi (PTI) RBI has once again taken a stern stand against the recovery agents and the kind of inhuman approach that marks the credit policy now a day.
Delhi (I-Newswire) March 15, 2013 - RBI has once again taken a stern stand against the recovery agents and the kind of inhuman approach that marks the credit policy now a day. Recovery agent is something that reminds most of us of a villainous entity that keeps haunting a few many of us for not being able to pay the outstanding installments or dues on a loan. On a more serious note, some individuals have even been forced to commit suicide under an intense pressure of paying back the loan. But what really hurts is that we don’t have the legislation to take control of the situation and send us a hero or someone more capable of taking care of the goons.
Last few decades have seen ample financial growth for our country and so has the consumerism. Consumerism is good but is more good for those who utilize the concept for churning money i.e. Banks. To name a few, ICICI, Standard Chartered, IDBI, HDFC and so goes the list. With the advent of consumerism the financial institutions were let loose to exploit the open market with their mean credit policies. No heed was paid while at the time of disbursing loans and when defaults came to fore the recovery agents were asked to cause all the trouble. To further add salt to the injury the most prominent of all these Banks i.e. ICICI was the first to also advertise how much it cares for its customers with the tagline ‘Bharosa Zindagi Ka!’. This is pretty much like first being a perpetrator of crime and then crying hoarse about the prevention of crime.
Unfortunately, the same practices have now been adopted by some telecom operators to make sure that the bills are paid on time. The Consumer Disputes Redressal Forum has time and again time shown their concern over how ugly can debt collection can be at times. Take for example the Standard Chartered Vs Yogesh Sharma case where the recovery agents on behalf of the Standard Chartered Bank made life terrible for Yogesh Sharma for realizing the outstanding debt on his dead brother’s credit card. But the question remains as it is, how can one protect himself from this menace?
One must first approach a consumer forum for relief against the bank or the recovery agents. The RBI has strictly laid out its guideline on debt recovery and any anomaly on the same should must be informed at your near-by consumer forum. This should help to have check right at the beginning itself.
Second, the legal course is the only way that can deter these goons from applying the force on you. An FIR should be filed at a near-by police station as soon as the recovery agents cross their line. It is also very important to have a good knowledge about the RBI guideline and under what section the complaint can be made. One is also required to gather as many evidences against these goons to reveal their conduct and therefore a recorded message or a video could be of great help. Media, online forums and the newspapers can then be utilized to disseminate the information about the Bank’s conduct.
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Published On:March 15, 2013
Print Release:Print Release
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