Anchor public-sector banks harassing customers of erstwhile merged small banks for renewal of limits and settlement of loans

Bureau,Odishabarta

New Delhi:Reserve Bank of India (RBI) and Department of Financial Services (DFS) should take note of the fact that bigger (anchor) public-sector banks are harassing customers of erstwhile merged public-sector banks for renewal of credit-facilities (bank-limits) demanding altogether new sets of documentation which is causing unnecessary cost and harassment to affected bank-customers that too in present on-going period of corona-pandemic. Irony is that all the big decision-taking posts in banks are given to anchor big banks where smaller banks are merged thus becoming a step-motherly treatment for both officers and customers of merged public-sector banks. Such a system is also troubling customers of erstwhile merged banks who wish for one-time-settlement of loans especially due to financial crisis developed due to corona pandemic and other aspects.

RBI, DFS and Union Finance Minister should ensure easy renewal of credit-limits and loan facilities of customers of erstwhile merged public-sector banks with clear direction for not demanding fresh documentation from affected customers. All banking posts including senior-level decision-taking managerial posts should be proportionately divided amongst officers of merged public-sector banks to prevent unnecessary inferiority complex amongst affected ones forcing even opting Voluntary Retirement by such officers of erstwhile merged banks.

Although there is much for big loan-defaulters of thousands of rupees each available to settle at just one-percent in some cases with banks approaching Supreme Court for not disclosing names of such big bank-defaulters, strict most harsh recovery proceedings are initiated against small loan-takers. RBI and DFS should introduce a common and uniform liberal one-time-settlement (OTS) scheme for all commercial, scheduled and cooperative banks.

Input;Ms.Madhu