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Complaint against banks during recovery

 
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karatecatman
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PostPosted: Fri Mar 09, 2007 3:28 pm    Post subject: Complaint against banks during recovery Reply with quote

The Reserve Bank of India (RBI) has received complaints against various banks alleging harassment and use of unfair means for recovery purposes, the Government told the Lok Sabha on Friday, says a UNI report.
The Finance Minister P Chidambaram said as and when such complaints are received, these are examined in light of guidelines on the subject.
As per RBI Guidelines on Fair Practice Code for Lenders issued in May 2003, it is stipulated that in the matter of recovery of loans, the lender should not resort to undue harassment, including persistently bothering borrowers at odd hours and use of muscle power for recovery of loans, he said.
The RBI has issued instruction to all commercial banks/non-banking financial companies, excluding Regional Rural Banks, in November 2005 regarding Credit Card Operations, Chidambaram said.
These stipulate that their agents should not resort to intimidation or harassment of any kind, either verbal or physical, against any person in their debt collection efforts, including acts intending to humiliate publicly or intrude the privacy of credit card holders’ family members, referees and friends, making threatening and anonymous calls or making false and misleading representations, says the report.
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Birendra
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Joined: 15 Feb 2007
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PostPosted: Fri Mar 09, 2007 3:39 pm    Post subject: Reply with quote

These foreign jokers like Citibank & Standard Chartered need to be taught a lesson.

Even ICICI thinks too much of themselves.

I watch the moneycontrol program and hear shocking stories wherein these banks have harassed customers by using goons, and persistent calling and misrepresenting.
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himmat01
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Joined: 19 Dec 2006
Posts: 1390
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PostPosted: Fri Mar 09, 2007 4:02 pm    Post subject: Reply with quote

Birendra wrote:
These foreign jokers like Citibank & Standard Chartered need to be taught a lesson.



That's true. Will these buggers do the same in the USA or UK? They have no businesss to harass the customers this way. If they have some issues, they must do so in a legal way and not hire goondas and mavalis to do the recovery.
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Birendra
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Joined: 15 Feb 2007
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PostPosted: Sun Mar 11, 2007 12:47 pm    Post subject: Reply with quote

For people who want to teach the banks a lesson and pay them back in their own coins you must visit these sited Arrow

www.iba.org.in and www.bcsbi.org.in

Remember you must also write to the Banking Omsbudman. Every bank has one which has to report to the RBI. This is a scheme started in 2006.
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ABN397
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Joined: 27 Dec 2006
Posts: 113
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PostPosted: Mon Mar 12, 2007 7:50 pm    Post subject: Reply with quote

All these complaints have some justification. But it should be remembered that anyone who pays his loan/card dues regularly is very unlikely to have problems. (I don't work for a bank, but have taken loans for various purposes over the past few years). It is true that the level of customer service is not very good even for the well known banks.
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