If recovery agents are required.. no infrastructure like bank and GOVERNMENT NOT REQUIRED. Avoid giving loans to the people who dont have repay capacity. They will give loans to achieve targets. RBI have to take decison.. where any fools other than the employee of bank dont have right to reach the customer in any form
I took loan from ICICI for car and every month they were deducting 15800 from my account. Now suddenly i noticed that, since last two months, deduction is above 19000Rs.
Want to kick that cheating Kamat. Any idea how to do that ?
RE:ICICI is cheating
by alert on Jun 12, 2008 09:20 PM Permalink
why did u go to ICICI basically...are they better than PUBLIC SECTOR BANKS... dont go by the so called door service and get cheated... go to banks like indian bank or UCO.
RE:ICICI is cheating
by Mario DCunha on Jun 12, 2008 09:28 PM Permalink
My friend I fully agree to you..... I have an NRE account with ICICI and a credit card too.... and am still abroad an agent approached my wife and offered to settle the credit card as i was niether using it ...the interest was just increasing by the month....my wife in co-ordination with me paid the amount .... for which we never received the letter of settlement nor any email..... after 10 months from then there was no correspondence from the bank....and suddenly my NRE account was debited the amount without my knowledge nor correspondence...Now they refuse to even interact on the issue (this was done via mail on the ICICI web portal)I was just given a address for their local Credit Card office to be contacted (and rather bear the brunt)
RE:ICICI is cheating
by asad hgjkf on Jun 13, 2008 10:07 AM Permalink
The reason could be that the car loans rates have gone up. They judt didn't bother to inform u, and increased the EMI on their own.
The use of recovery agents for the borrowers of Bank loan is of recent phenomenon particularly after the advent of active participation of MNC Banks. They have replicated the system what is in vogue in European countries. In India such practices were rare. Ofcourse, the musclemen were there in the business acting as agents for private money lenders. Then came the Cooperative Banking activities as a means to provide loans to the farmers and others and keep at bay the Shylocks. The Nationalised Banks after the nationalisation took to rural banking activities seriously where they were to lend 60% to priority sectors as per the guidelines of the RBI. These Banks too have laws for recovery such as Arbitration Laws, Cooperative Laws and more recently Banking Securitization Act that enable them to recover the dues. The use of musclemen or you call it recovery agents in Urban and Semi-Urban areas by the private bankers was on the rise due to spurt in issue of personal loans by the banks on personal surety. There are habitual borrowers and offenders, borrowing beyong their capacity and thus failing to repay. Such borrowes are dealt with sternly is alright. But the white collar borrowers are subjected to such teasing by the agents day in and day out through personal contact and phones, is a harrassment that could be avoided. The Banks need to recover but then there is always a decent method of recovery through distraint of movables more effective and acceptable than recovery agents.
RE:Recovery Agents - A problem to the borrower
by alert on Jun 12, 2008 09:22 PM Permalink
i dont understand why banks are allowed to send musclemen. When you dont get a proper service from a bank or if they charge unlawfully more interest, can you send goondas to the bank manager. If law does not allow you to do that how it allows the bank.
RE:Recovery Agents - A problem to the borrower
by Jitendra Madhav on Jun 12, 2008 07:59 PM Permalink
dear jamshed, i agree...but there are several other points here...
