The reputed bank ICICI was fined by Delhi Consumer Commission for employing "Goons" to collect loan from the consumers. Do you think this is legitimate way of collecting the loan? Any how see the details here...
not very good business practice. here in the US, if that happened, the bank would probably be closed or severely limited to what it could do. what is 50 lakhs? can you convert that to dollars please?
I think goons and the kind are accepted as a way of life arnd here. Not many people acctually think its illegal.
50 Lakh = 50 lacs = 5 million Indian Rupees ... It should be about 127,000 USD .... The consumer association has decided to bring in the practice similar to US. Those bastards at the bank are cunning.
You must be living under a fall presumption brother. Be glad that you are not under a loan, or even if you are, you haven't defaulted. Since I am sure you wouldn't want to be beaten up by the banks recovery agent, nor would you entertain comments on your wife's ass (sorry if am overboard), neither would you want them to catch your 7 year old on his way back from school and threaten him for life, neither would you want them to call your aged parents and threaten to kill their only son if he defaults. I am sure, if something like this happens, you would call it illegal.
cunning is one thing, assault and battery is another. pull that shit here in the US and someone may end up dead.
ICICI has been doing this for some time.. even other banks follow the same procedure to recover loans.. they themself make calls a hundred times asking whether in need for a loan or credit card and use such third rate methods to recover loans in case of default..
The limits have been crossed many times now and now the media is in full support of this. Atleast now we could get a stop on recovery agents.
Standard chartered sells your personal information to every one, I hope someone sue their ass as well and get them fined.
Well they are deserved for this because those people are harras customers. How can they do this? I hope they will learn something from this.
i read it on the news papers that the person who was beaten black n blue was hospitalised for a week and had 7 stiches on his skull.. the bad news is that he was not the real owner and was just drving the car and had no clue about the loan.. poor guy
i guess this isn't the first time icici did such stuffs.. i usually hear news such as suicides committed by the fear of their recovery agents.
i remember SBI printed a few people's picture and gave details on newspapers who were the defaulters of the loan! ICICI has been using this "recovery agents" to recover the money for some time, hopefully they will stop this now!
Ya I read this today in Newspaper and was really horrified to read this news. I would never ever take loan from ICICI bank , and never suggest anyone to take loan from them as well.