Friday, July 1, 2022

What to do if the agent is bothering for the bank loan recovery Know what…

In Maharashtra’s Sangli district, a case of suicide of 9 people of the family of two brothers has come to light. The police report cited suicide as the reason for committing suicide as harassment and harassment by lending agents. In such a situation, it is very important for you to know that if the agent or bank harass you then what are your options and what you should do.

During the Corona epidemic, many such cases came to the fore, in which many people could not give loans due to financial crisis after borrowing. Because of this, he was harassed by the agents. However there were also litigation and court proceedings. Apart from this, police action was also taken against these agents for harassment for recovery of loans.

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Under what circumstances can action be taken
If an agent harasses a borrowed person, due to which the person has committed suicide or has suffered mental trauma, then action will be taken against that agent. Repeated calls on behalf of agents or regularly arriving at customers’ residences, sending obscene messages on mobile or through social media, defaming neighbors or even threatening relatives Action will be taken against calling or reaching out, humiliating in public, reaching out to owners of customers etc.

No action will be taken in these circumstances
On the other hand, if the agent does not formally send frequent messages, gives regular updates, calls on completion of the period, then harassment will not be considered. Indian courts, however, have been strict on the informal approach of recovery agents, where the courts have held that coercive tactics to recover money are illegal and that authorized due diligence of law should be resorted to.

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What to do if the agent bothers about the loan

Police complaint and court recourse
If you are being harassed by the bank’s agent then you can approach the police station and register your complaint. If there is no relief from the police station or if your complaint is not registered then you can take recourse to the court. In this case, the court can hear your complaint and order the agent not to conduct unlawful conduct. It can also order appropriate action in this regard.

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Complaint can also be lodged with RBI
Apart from this, the person can also file a complaint with the RBI, after which the central bank can take strict action against the agent and order not to commit illegal conduct. According to the circular issued by the RBI, it may consider imposing restrictions on a bank from appointing recovery agents, whether jurisdictional or functional, in a particular area. Along with this, the period of ban can also be extended. Apart from this, there is also a provision to impose strictness and punishment on the agent.

Complaint can also be lodged in the bank
Not only RBI, customers can also complain to the bank itself. Generally, there is a possibility that the bank will exercise due diligence when there is a complaint against its agents and may ask to opt for legal practice.

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The bank gives some percentage of the recovery to the agent
Debt Collection Agents are those who work for banks to recover loans lent from customers and those organizations. The bank gives a small percentage to these agents as part of the total amount collected from the customers. Agents are usually third parties who are not part of the main deal. In some cases, the recovery agent may also be one of the parties directly involved in the deal.

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