Use of Force by Banks to Recover Loans
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100 comments Page 8 of 10.
Gaurav said:
1 decade ago
This a very unethical practice which is being practiced by Banks nowadays to recover the loans which they have given to less credit worthy people of the society...banks should not follow this practice as it will lead to crime and it also brings inefficiencies in our financial system...so,banks should follow fair credit practices and follow the norms and guidelines give by the Apex bank regarding in giving advances and loans.
(2)
Neelam yadav said:
1 decade ago
Hi frnds, I think that we can not say it wrong as before giving loans to it's customers bank goes through the process of knowing their capability to repay it. As instructions given by rbi in KYC norms. And if after that customers are not paying back it to banks the bank can go by force to recover it. Because it is the need of business. And if bank will not do it then everyone will try to absorb the loan without repaying it.
(10)
Seema said:
1 decade ago
Some banks behave like local financiers to recover their loan amount from the borrower. They harass over the phone, they send their staff home and threaten to humiliate the borrower even after knowing that he or she has a genuine problem. Hence you read about suicides by people who are unable to deal with this kind of harassment. Does the reserve bank of India not have any laws to help the borrowers in times of crisis.
(1)
Bharat jha said:
1 decade ago
If there is some problem in recovery of loan such that a person doesn't want to return the loan amount then bank has no other option than recover the loan forcefully from that person. But it must be according to rule and regulation. Means it should be done legally with help of layers and police etc.
It may help to recover the loan amount and at same time the faith of other customers will remains with the bank.
It may help to recover the loan amount and at same time the faith of other customers will remains with the bank.
(6)
Jay said:
1 decade ago
Yes Banks provide loans as per their obligations and targets defined. But at the same time they should check the credit worthiness of the customer before sanctioning a loan. After the loan is dispersed, the Bank's duty is to maintain communication with the customer and follow up every repayments. Still if the customer fails to repay, then the Bank should initiate proper action as per the Banks Guidelines.
(6)
Rajendra said:
1 decade ago
The bank on about customer give loan the return of the bank doing loan recovered.
And if the banks fail to check their customer's credibility thoroughly at the time of sanction of loan then its the bank's fault it should not harass the customer for its own fault. But people should know that banks not meant for charity rather they are a well established financial institutions and work for profit motive.
And if the banks fail to check their customer's credibility thoroughly at the time of sanction of loan then its the bank's fault it should not harass the customer for its own fault. But people should know that banks not meant for charity rather they are a well established financial institutions and work for profit motive.
(1)
ROHIT KUMAR said:
1 decade ago
Banks does not have its own money to give loans they accept money from public as deposit and then lend that money to the borrower. And the deposit money is payable on demand of the customer. And at the sanctioning time of the loan bank should told every condition to the borrower. After the bank can be strict on the loan recovery. But physical force should not be applied to any borrower.
(2)
Arun khanna said:
1 decade ago
First of all the financing should be prudent. There is no scope for the banks to use force, but for willful defaulters the Legal remedies should be enforced strictly and timely to recover the public money.
There are people enjoying the bank loans without repaying, despite having means to repay, there the tools available to the banks should be used "efficiently" and professionally.
There are people enjoying the bank loans without repaying, despite having means to repay, there the tools available to the banks should be used "efficiently" and professionally.
(3)
Amit Singh said:
9 years ago
Dear Reader,
There is a provision of law in India for taking debt from the bank, if someone fails to deposit the debt then that person is liable for that, the bank should know why he is unable to pay their installment. Then the bank recovers it timely by the person as person problems, if he is avoiding and pretending deposit the money then the bank force it to deposit the money.
There is a provision of law in India for taking debt from the bank, if someone fails to deposit the debt then that person is liable for that, the bank should know why he is unable to pay their installment. Then the bank recovers it timely by the person as person problems, if he is avoiding and pretending deposit the money then the bank force it to deposit the money.
(4)
Das narayan said:
9 years ago
To recover the dues of Bank-In Govt Sponsored Scheme, the concerned Govt Dept, Who has forwarded the Loan Application to Bank should be Direct liable for Recovery And Monitoring the project and Target Should be abolished and in general Loan Schemes, security will be Mortgage And authority delivered to the Banker to sale the captioned Security in case of repayment default.
(5)
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