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