NEWS & ADVICE : CAR LOANS
Car loan borrower harassed by recovery agents
By Neelima Shankar
Jan 27, 2008
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Bhuwaneshwar: Loan recovery agents are yet to heed to Reserve Bank of India's (RBIs) loan recovery guidelines and their misadventures are continuing unabated. In another case of excesses by loan recovery agents, coercive methods such as dragging, assault and threatening were used to affect loan recovery from one Pradyumna Das, who took a vehicle loan from ICICI Bank.

According to the victim, who was not able to deposit the last two installments of the loan,  he was threatened at knife and gun point, assaulted and dragged forcibly out of his car by six recovery men of the bank, who later fled with his car. The incident happened along Janpath near the Satya Nagar area. Pradyumna was regular on his loan repayments for the last three years and it was only on the last two occasions that he had defaulted. 

The RBI's diktat of banning the recovery agents for a particular area if they don't mend their has had little effect on the banks and their errant officials. Looks like it is just like another incident where government agencies announce harsh measure to control immediate public outcry and little follow-up is done on the matter afterwards. When the loan recovery incidents were gaining repeated attention in the media and legal circles, every body was harping on ways and means to rope-in the musclemen and goons employed as recovery agents. But it seems that the entire operation has run out of steam and slowly but surely the recovery agents are again taking laws in their hands.


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