RBI GOVERNOR SHOULD FOLLOW PRIME MINISTER IN GIVING STATEMENTS CLEAR-CUT DIRECTIONS TO BANKS & NBFC

Bureau,Odishabarta

DELHI:RBI Governor should follow Prime Minister in giving statements in Hindi with clear-cut directions to banks and NBFCs to compulsorily pass-on benefits to existing loan-takers.

RBI Governor in his second televised message during lock-down period on 17.04.2020 again talked in English, which could be not be followed by majority of people. It seems message of RBI Governor was mainly aimed for beneficiary banks and Non-Banking-Financial-Companies NBFCS many of which do not pass these benefits to existing loan-takers even on being specifically requested. RBI Governor if sincere to existing loan-takers, should give clear directions to all banks and NBFCs to compulsorily pass on benefits including like of repo-rate cut to existing loan-takers even without being asked for. Non-compliance of such RBI direction even in a single case should result in heavy penalties apart from cancelling their licenses.

RBI Governor must know the bitter truth that many NBFCs are still insisting on foreclosure-charges on pre-payment of home-loans and on loans granted to individual borrowers totally in contrast to series of RBI notifications in this regard.

It is beyond understanding why RBI is allowing NBFCs to do lending business for heavy profiteering on loans received from public-sector banks for further lending like a middle-person. NBFCs if desiring to carry on loan-business must not be financed by public-sector banks. These NBFCs are charging extra-ordinary interest-rates without any criteria on varying rates ranging from 12 percent to 24 percent with all types of recovery-nuisance including sending bad characters and filing court-cases in cities other than that of lending even if both NBFCs and loan-takers are situated in same city. Vigilance-enquiry must be made if some senior RBI officers are in collision with NBFCs for allowing NBFCs to have all types of human-torturing nuisances and malpractices towards loan-takers.

Input;Mr Subash Agarwal