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“They abuse, harass, torture mentally”: banks’ loan-recovery agents flout RBI norms, chase clients.

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Investigation

“They abuse, harass, torture mentally”: banks’ loan-recovery agents flout RBI norms, chase clients.

Private and public-sector banks’ recovery agents are still chasing customers despite the moratorium on term-loan EMIs by the RBI. It appears to be another instance of some banks not taking a cue from the RBI. Unchecked, it can threaten the credibility of the RBI as a lodestar and the overarching regulator of the banking system.
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kanika-saxena
28 Jul 2020 11 Mins Read 1 comments
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On Wednesday morning last week, an e-mail marked to the CEO and a nodal officer of a leading Indian bank, along with some media outfits, had the subject line: “Complaint against unwanted call”. The customer was troubled by repeated calls from the bank’s loan-recovery agents, who threatened him and his family, and said he was almost forced to contemplate suicide.
book is followed while recovering dues from individuals and other entities. Banks must address the concerns of customers even as they rightly make concerted efforts to recover loans. The RBI must intervene at this point and monitor the activities of recovery agents. Because, it’s credibility as a banking regulator is at stake. ( Graphic by Sadhana Saxena)
On Wednesday morning last week, an e-mail marked to the CEO and a nodal officer of a leading Indian bank, along with some media outfits, had the subject line: “Complaint against unwanted call”. The customer was troubled by repeated calls from the bank’s loan-recovery agents, who threatened him and his family, and said he was almost forced to contemplate suicide. book is followed while recovering dues from individuals and other entities. Banks must address the concerns of customers even as they rightly make concerted efforts to recover loans. The RBI must intervene at this point and monitor the activities of recovery agents. Because, it’s credibility as a banking regulator is at stake. ( Graphic by Sadhana Saxena)

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