The Recovery process should be standardized by Govt and RBI. The banks should be strictly forced to have a standard procedure to follow up, if a borrower defaults on loan repayment . The procedure should have consideration for the bank right to ask for the money and the lender right to have his dignity intact in this transaction . The loans are the bank's one of the main activity and the borrower is not a culprit or theif if for some unavoidable reason is not able to pay one or two instalments in time. This activity of taking loan and paying has been very messy and its time for the regulator RBI to completely standardize the processs of giving and taking loans.
