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Selvakumar-S-Advocate " Real Estate Reporter " Frank talk on 'No Short-cut method lor recovery 01 bank loans' 

           Due to severe competition amongst banks, the new generation banks have been very liberal in advancing monies to their customers and have been introducing new incentives and techniques at short intervals to lure the intending borrowers. In many cases they fail to observe compliance of the normal practice and procedure to safeguard the interest of the banks. The resultant effect of this is that the bad and doubtful debts of these banks are mounting up considerably. 

           To bring down such bad and doubtful debts, some of these new generation banks are utilizing the services of 
musclemen as their recovery agents who adopt uncivilized methods to recover loans and threaten the borrowers with dire consequences upon the failure of the borrower to repay the money borrowed from the bank. The Reserve Bank of India time and again has been issuing instructions against adopting such unethical and uncivilized methods for recovery of loans, but these instructions appear to have no impact on the commercial banks. 

           In one of the recent cases, the Delhi State Consumer Disputes Redressal Commission has imposed a fine of 
Rs.55 lakhs on the ICICI bank for use of Goons to recover loans from a customer. Deploring the practice of the banks intimidating consumers to pay the installments by using the services of goons, the Commission observed that no civilized society governed by the rule oflaw can brook such a kind of conduct and held that the ICICI bank is guilty of an 'unfair trade practice'. 

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           The Union Government and the Reserve Bank of India should take the observations of the Commission as an eye opener and strictly monitor the lending activities of commercial banks and penalize severely the banks who adopt uncivilized methods for recovery of loans.

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