RBI & DFS Should Cancel Licences of Private Banks (!)
Bureau,Odishabarta
RBI and DFS should cancel licences of private banks and NBFCs who illegally continue with legal and arbitration processes despite One-Time-Settlement (OTS) of loans
New Delhi:Reserve Bank of India (RBI) and Department of Financial Services (DFS) should formulate strict-most guidelines for those private banks and Non-Banking-Financial-Companies (NBFCs) which illegally and unethically continue with harassing borrowers by continuing with legal and arbitration process despite One-Time-Settlement (OTS) of loans. Borrowers have to spend time and money on lawyers to face such useless cases, apart from bearing big mental torture which even can be fatal for loan-takers having settled loans under OTS. It seems that it is yet other tactics of private banks and NBFCs to recover extra amounts specially from uneducated borrowers. Licences of such banks and NBFCs should be cancelled which do not take instant action to withdraw all legal and arbitration process after OTS. RBI and DFS should ensure termination of service of irresponsible officers not taking instant action to close all recovery-processes after OTS. Banks and NBFCs initiate legal and arbitration proceedings in cities other than loan-disbursal even though both loan-givers and borrowers have offices in same city. Rule should be to initiate any legal or arbitration process only at the city of loan disbursal. There should be a complete ban on motivating people for taking loans through telephone and mobile calls.
Otherwise also private banks and NBFCs adopt all types of goondaism by sending goons of hired recovery-agencies. It is also learnt that accounts of Delhi Police and Mumbai Police together with salary-accounts of police officers are with a private Bank which misuses its relations with police-officers in pampering its recovery-agencies adopting goon-practices. All government-accounts (state and central) and their undertakings including salary-accounts must only be with public-sector banks.
Input;Mr.Subash
