Recovery agents are indeed a nuisance, they should be banned but it does not mean the customer should not pay up what he/r she owes the bank.i strongly feel that the bank should first verify the genuinity of the problems and find out the history of the payments/or track record of the so called customers before taking harsh steps..many times the recovery agents have used language which is not fit for a decent man's ears - they dont bother whom they speak too..whether it is an elderly person from the home or a small child. I had this bitter experience once ortwice and i had proof of the way the bank agents or employees spoke. I asked this particular that i was willing to pay full and final provided they gave me a letter from teh chairman of the bank apologizing for the bad behaviour from that day onwards no one came to my home but the next i was told that i was on the blacklist of satyam which is indeed sad thing because i had my credit cards for many years and just because i was delayed in paying due to personal reasons (death of my brother and my mother), they did not spare me even though my track record showed that i was one of their good customers - so who would want to pay when the banks attitude is wrong..I think the finance minister or the rbi should look into this matter - maria
THESE PEOPLE SHOULD BE HANGED TILL DEATH, AND THE BANKS WHO ARE INVOLVED SHOULD BE PENALISED AND THERI LICENSED SHOULD BE SUSPENDED, SO THAT THEY LEARN A LESSON.SO THAT INNOCENT PEOPLE WILL STOP COMMITING SUICIDE
RE:Loan recovery
by Chetan Natekar on Oct 15, 2007 04:46 PM Permalink
Legal system allows banks to freeze assets in case of defaults. Its just that these banks dont want to take that path since it takes longer time.
i don't understand why people take loans and then do not pay up. considering the poor legal system, banks have little choice but to harass them. and these defaulters are basically trying to swindle the bank and take advantage of our poor legal system.
RE:strange
by Chetan Natekar on Oct 15, 2007 04:52 PM Permalink
Most of the time I have seen banks banks being at fault. In my case my salary account changed and I promptly got in touch with the bank and swapped the cheques. But the bank still kept on producing the old cheques. Had to run around for 6 months to get it sorted out, during which I was harassed by recovery agents. It was a clear flaw in the banks functioning
RE:strange
by kalyan gangina on Oct 15, 2007 04:42 PM Permalink
not all my friend some may get loss in their business & some may not be able pay in time
Its well known facts that private banks are appointing CRIMINALS so called Loan Recovery Agents to recover their unpaid or delayed loan or credit card out standings! There are many instance where these criminals have attacked the customers and in one case happened in Cochin in 2001 ( not sure about the year), Kotak Mahindra%u2019s agents killed a customer!!!!
I would like to advice the Private Bank%u2019s great CEOs and Heads who are the out put of our great state funded IIMs, to be careful and initiate immediate alternative ways and solutions for recovery process. This country is changing faster , the people are getting informed by channels ,news papers and websites%u2019.You will loose your face and reputation, if you follow the same Criminal Business here after!!
As it is there is hardly any law or order in India. Do you want the Credit card companies to go the way of the desi cooperative banks ? The person who borrows must repay , ......
RE:Have you been harassed by loan recovery agents?
by sajith marakar on Oct 15, 2007 04:41 PM Permalink
But bank cannot act as "Merchant in Venies"!This is a democratic country!
There should be balance. There are defaulters. Govt. should come with a plan wherein Financial Inst. can recover without harrasing the customers. They should be given powers to recover their money. Outsourcing (External Agencies) must stop.
RE:BALANCING ACT
by hassan 456 hassan on Oct 15, 2007 04:44 PM Permalink
visa card sbi is not good function and not mantain such a doucments please sbi visa card load at 12 percent per anual .
I was harassed by HDFC Bank credit card and they visted by Permanent Residence every day and abused by parents.This type of attitute will digrade the image of bank.
RE:Harassed by HDFC Bank Card
by Sonu Madhavan on Oct 15, 2007 04:51 PM Permalink
so did you think once before taking unnecessary credit card then who to blame now
It is always wise not to take any loan to the extent possible. If u want to take any loan due to unavoidable circumstances, be sure u hv the means & income to settle the loan. In the event of sudden loss of job or business loss, get in touch with the Bank's high officials and request for additional time or reschedule the loan instalments or waiver of part of the amounts. In most cases, they do oblige. While we can blame the Banks for being rude, it is always better to avoid taking loans beyond our means.
Having said the above, I do hv bitter experiences with couple of Banks/Financial institutions like GE CASH CARD, for example. For a small amount of about Rs.70 , which they hv shown in my a/c after failing to account for some wrong charges they hv levied on me, they went on charging penalty & interest, and in six months time, it went up to an awesome amount of about Rs.3,500 !!! Thereafter, I took up the matter with highest officials (at CEO level) and they hv promptly written off the amount. Thankfully, in my case good sense prevailed. But I do doubt whether it prevails in all cases. It is sad to note that due to recovery agents' overenthusiasm & rude behaviour, few people hv lost their lives. One hopes that with recent RBI coming out strongly against such behaviour of the recovery agencies and making Banks responsible for their behaviour with the new guidelines, good sense will prevail.
