FI's are soon going to give recovery on contract to perfectly legal people,like advocates and police. and these vardi wallah are going to be much more ruthless. sections like 406,420, and 156(3) are going to be used..it is the borrowers duty to check repayment obligations before seeking loan.. guys pl comment, i will be glad to reply back.
In my view the lame Indian Judiciary system may be at the root of this issue.The fault possibly lies with the abnormally long delay in granting justice by INDIAN COURTS in case the Banks file Court case for recovery of their outstanding loans in case of Defaults. Once the Judicial system improves and there is a certain general confidence level for quick relief thru' Courts, the banks won't have to hire recovery-agents.
RE:Have you been harassed by loan recovery agents?
by Srinivasa on Oct 15, 2007 06:36 PM Permalink
It is ufair to blame on just "judiciary system". What judiciary can do if the our "System's" (not judiciary) inability to proove who is right & who is wrong? In western countries there is a working "System" where by judiciary can make the decisions fast by looking at the all available evidences in the Sytetem. (Who aredefaulters, Why?, Is he really punishable? So to what extent? etc). We dont have that complete working System.
I dont know whather it is possible in India in near future. Hope so in long run.
It is a pipe dream to think that banks can never have loan defaults and that the uncertainties will not affect any man or woman at any point in life. Loan defaults can happen and it is up to the bank to assess the genuineness of each case and act in accordance to the law of the land. Resorting to illegal/unlawful means is never a solution. The Govt. must come down with a heavy hand on such practices by banks. The slackness/inefficiency/ineffectiveness of the justice system in India is also the prime reason for people resorting to such criminal intimidation. It is high time that the Govt. gives more attention to reforming the judicial system. ARVIND NAIR
I feel that not only goondas, but also the recovery agents hire personnel who are under graduates and come from a lower starta of life, due to which they do not mind being abusive to customers. The manner in which these people talk, it makes the defaulter feel like he has been given money by these idiots and they sit on your neck in in their dreams. There have been instances even with me and whne I mentioned that if you make a next call I will report the matter to the police these calls have stopped. It is very embarassing for an high profile person who may have been unable to make the payments for some reason or other, ( more a late payment), but these are real devils. EDucation does not make them sane, it makes them uncouth.
Ihe first thing to :WHO GAVE BANK/FINANCIAL: institution the power/authority to employ agent (GOONDAS) for recovery.Law has its course in such cases to assess and take action in appropriation to the case.Not all the defauklters are at fault neither all Banks are at fault in asking for recovery but there must be hnourable way to act.Most of the time the clients hardly understood the small lines in the condition of loan and suffer from those points.The loan process must be simple words so that a common person understand the risk he/she is taking.Big borrowers in hundred and thousand of crores carry on with the default under the cover of legal words or in conivence with the Bankers.It is the middle path people who suffer.First make things simplefied and then go through the legal path.NO GOONDAS
In most developed countries they have 2 types of cards a)Debit Card - Using money from your current or normal bank account - no annual fee. b)Credit card - But no annual fee. c)Overdraft facility - addtional fee if used.
In India the customers are relying cheated. The banks try to charge customer for everything. The banks should do a credit check lending. Our systems and laws new amenments.
RE:Difference in developed nations!!!
by anita dongre on Oct 15, 2007 05:37 PM Permalink
Bank recovery agents even come to your door steps even though you have made the payment at the bank or dropped the cheques at the drop box. This incidence has happened to me several times, but I am not scared, when they come to my doorstep, First I tell the concerned person to GET OUT and I slam the door on their face.This is the best way to behave with the DSA concerned people who the bank appoints- Any individual does not have to get scared and commit suicide, as there are solutions to solve your financial problems. The banks have to take necessary care. Before giving loans to any individual, banks should take thorough care of the repayments in future and not harrass people who cannot repay and then take their lives. Why give loans to any individuals who does not have the capacity to pay - Banks are doing this to increase theie interests and members.
RE:Harassment = Request
by shatadip som on Oct 15, 2007 05:25 PM Permalink
They bug people to take loans and when they finally take them and are unable to pay they send those goondas.
These banks should have a million PILs filed against them!!
RE:Harassment = Request
by aklaria shailesh bharat on Oct 15, 2007 05:22 PM Permalink
Hello Ram , Mind ur language,from ur comment u seem to be working in bank.And to tell you you don't do any charity ok, you guys charge interest like hell, and for your information all bank guys get paid because of the interest we pay. To tell you we don't beg but bank itself begs to take loans,credit cards and what not. Did you forget all the phone calls made to all the people begging to take loan and credit cards. so keep ur mouth shut,and see the actuals before comenting
RE:Harassment = Request
by Sushil on Oct 15, 2007 05:33 PM Permalink
Its is not that pepole beg to the bank for Loan and Credit Card... it is actually the Bank who beg to the pepole... so behave like a Begger Mr. Recovery Agent
There was an instance of my friend who even bribed the recovery agent to reduce the final settlement amount. They took from him Rs. 5000/-to reduce the final settlement amount by about 25000/-. What is the control banks are having on these agents. May be the agents have a big share in the recovery amount, this is the reason they harass the clients beyond limits
Can you like responsible media call MD of ICICI Bank, Mr. Kamath to face the common people for their grivences for the reasons like harassing common people? We are very much interested to listen him & with his joker team!
Why give loan if the bank doesn%u2019t have the capacity to take it back... Shame on the bank!!! Do proper back ground checks before processing and approving a loan. Using mafias in the name of recovery is pure cowardiness and illiterate manner of approach... it will only tarnish the brand name that took years to build .
