‘Dadagiri’ will not work in the name of loan recovery! If the bank recovery agent intimidates, then teach these rules, he will return on his feet
Not being able to repay the loan installment comes under the ambit of civil dispute.
Bank officer or recovery agent cannot be arbitrary with the defaulter.
The time between calling the agent and coming home for loan recovery is fixed.
New Delhi. If you have taken a loan from the bank and have missed paying the installment, then the bank cannot do arbitrary things to you in the name of recovery. Because the Reserve Bank of India has made strict rules regarding loan recovery and every bank has to follow them. But still, many cases of arbitrariness of recovery agents keep coming up across the country, so it is important that you know about these rules of RBI very well. So that if any agent intimidates you for loan money, then you know what legal rights you have.
Whenever a customer is unable to pay the installment time after taking a bank loan, the bank sends a notice asking him to deposit the money and in some cases the recovery agent of the bank contacts the customer. But complaints come from these agents regarding the methods of recovery. In this series, the Reserve Bank of India (RBI) Regarding the wrong methods of loan recovery, the private sector RBl A fine of Rs 2.27 crore has been imposed on the bank.
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What is the rule of loan recovery
Whenever you take a loan from a bank and if you do not pay 2 EMIs, the bank first sends you a reminder. But if you don’t pay the 3rd installment, the bank will send you a legal notice and warn that if you don’t make the payment, you will be declared a defaulter by the bank. At the same time, after the notice, the bank starts recovery of loan from the customer through the recovery agent.
What to do if the recovery agent threatens
If the loan recovery agent of the bank intimidates you, then you can directly complain to the police.
Since non-payment of loan installment comes under the ambit of civil dispute, therefore no arbitrariness can be done with the defaulter. For loan recovery, the bank officer or recovery agent can call the defaulter customer only between 7 am to 7 pm. At the same time, the time for coming home to recover the loan amount will also be the same. If bank officials or recovery agents break these rules, customers can complain to the police or RBI.
What are RBI guidelines
To recover the loan amount, first inform the bank customers about the recovery agent or agency. The recovery agent will have to carry a copy of the bank’s notice while contacting the customer. If a customer complains to the recovery agent, then the bank will not be allowed to send that recovery agent in the related matter.
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Tags: bank loan, RBI, RBI Governor
FIRST PUBLISHED : March 21, 2023, 17:10 IST