March 16, 2025 07:15 am (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Bengal's Birbhum witnesses violent clashes over Holi; internet suspended, heavy security deployed | Haryana BJP leader shot dead by neighbour over land dispute, incident caught on camera | Airbag blocked my view, claims 20-year-old law student whose car crashed into vehicles killing 1 in Vadodara | Mark Carney takes oath as new Canada Prime Minister | Man attacks people with iron rod inside Golden Temple in Amritsar, leaves 5 injured | Not disrespectful: Tamilian who designed rupee symbol reacts to Stalin govt's currency move | In a setback for Donald Trump, US judge orders federal agencies to rehire fired workers: Report | 'We will thwart conspiracies hatched by Centre': Revanth Reddy on delimitation exercise | Chennai doctor, his wife along with two sons die by suicide due to huge debt: Cops | Amid language debate, Tamil Nadu drops rupee symbol in state budget

No bank has right to appoint bouncers for recovery of loans: Anurag Thakur

| @indiablooms | Jul 01, 2019, at 05:28 pm

New Delhi, July 1 (UNI) The Government on Monday in Lok Sabha clarified that banks do not have the right to appoint bouncers for forceful recovery of loans.

It was stated by Union Minister of State for Finance Anurag Thakur during Question Hour in the House.

He said adequate measures have been taken to prevent misbehaviour from loan borrowers.

'For this, the guidelines issued in relation to the Fair Practices Code for the borrowers of the

Reserve Bank of India are very clear,' the Minister said.

In written reply to a question, the Minister said RBI has also issued ‘Guidelines on Fair Practices Code for Lenders’ which are required to be adopted by banks, duly approved by their Board. 'The said circular prohibits lenders from resorting to undue harassment in recovering loans, viz, persistently bothering the borrowers at odd hours, use of muscle power for recovery of loans etc,' the Minister said.

'With regard to complaints, the RBI has informed that complaints received by it regarding violation of the said guidelines and abusive practices followed by banks’ recovery agents are viewed seriously. In such cases, RBI can consider banning the bank concerned from engaging recovery agents in a particular area for a specified period.In case of persistent breach of above guidelines, RBI can also consider extending the period or the area where the bank concerned is barred from engaging recovery agents,' the Minister added.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.
Close menu