It might be upsetting to deal with harassment regarding overdue loans from banks and recovery companies. Guidelines have been instituted by the Reserve Bank of India (RBI) to safeguard borrowers against any excessive pressure. Here’s a quick instruction explaining how to deal with and end this abuse.
Respect for Privacy and Dignity
Banks and agents must respect your privacy and dignity. Harassment and abusive language are prohibited.
Next Steps:
- Record any offensive phone calls or messages.
- Inform the bank’s grievance cell about any incidents, and if they remain unresolved, the Banking Ombudsman.
Hours of Permissible Contact
You can only get in touch with agents from 7 AM to 7 PM
Next Step:
- Note the time of calls or visits.
- Report any contact outside these hours to the bank.
Identification of Agents:
Agents are required to present identification documents and bank authorization.
Next Steps:
- Request documentation of your identity and authority.
- Inform the bank about any unauthorised agents.
Respectful Conduct:
Agents must behave respectfully and avoid threats or intimidation.
Next Steps:
- Record any interactions involving disrespect or threats.
- File complaints with the bank’s grievance cell.
Process for Resolving Complaints:
Banks need to have a procedure in place for handling complaints about their recovery procedures.
Next Steps:
- File complaints through the appropriate methods.
- Maintain a file with all correspondence and complaint numbers.
Banking Ombudsman’s Grievance Redressal
Seek the Banking Ombudsman’s assistance if the bank is unable to address your concern.
Next Steps:
- Send a complaint by mail or online to the Banking Ombudsman.
- Give all required supporting documentation.
Legal Action
In extreme circumstances, you are entitled to file a lawsuit to stop harassment.
Next Steps:
- Speak with an attorney to learn about your legal alternatives.
- If required, file a case in the Consumer Court.
Conclusion
By being aware of and adhering to RBI requirements, you may effectively handle and put an end to harassment from banks and recovery agencies. Take the following actions to safeguard your rights and maintain your peace of mind.