Issues dealing with consumer rights
For too long, we have been reading stories about banks using strong-arm methods for debt recovery. Cases of recovery agents subjecting defaulters to mental and physical torture and humiliation turn up in the media all the time, and there has been an increasing trend of the courts and consumer courts reacting strongly to such cases. [...]
By now, there are numerous cases where banks have indulged in force when trying to recover loans. In many cases, these measures have resulted in humiliation, injuries, hospitalization and sometimes even death of the person being hounded; banks typically claim that they are not responsible for the actions of these recovery agents. The RBI has [...]
There is a lot of uncertainity regarding the levels of control of the RBI over the Non-Banking Financial Companies, as well as the rights of individual investors. For example, there are queries about what happens in case a NBFC fails (as many have done in the past), what happens to deposits in such failed institutions, [...]
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