The disbursal and recovery of loans by private banks
Here, in India the emerging economy, the consumerism have opened the floodgates of demands. Specially of consumer durables, real estates even foreign tours are undertaken while raising loans. Here comes with ready cash the private banks represented by their hirelings (read agents not the employees). Most of them with hardly loyalty to the bank, try to disburse the loan with scanty verification or no verification in a bid to earn commission. For this they enjoy the patronage of the bank officials sometime who are hard pressed to meet the target. A lot many bankrupts thus manage to take fresh loans suppressing their true credit worthiness. As a result the problem starts at the time of recovery.
This happens mostly when the loan is disbursed to a man at least who really he is. He faces the music what may not be practicable in civilized world. Engaging goons in the guise of recovery agents is a common practice here. Snatching the car key or threatening the defaulters in obscene, jejune, vulgar languages is common. These days many are turning up to human rights commission to intervene in the manner of these bankers ill treatments.
Imagine all of a sudden such recovery agents form a private bank turns up to you, telling you have defaulted the repayments of some loan. You are shocked to learn that since you have never taken the loan but they insist. They tally your name, address, your occupation without divulging the details or showing you any paper. You are surprised again thinking how do they know it all! It takes quite some time for you to comprehend that not you but someone impersonating you have taken the loan. You tell them , they insist , a crowed is gathered to watch the fun. You lose your image, prestige. Your wife and daughter suspect that you might have taken the loan without their knowledge. You lose ground under your feet. You ask them to turn up some other time with the papers as if you seem to have forgotten; they withdraw.
But come back again without any paper but this time accompanied with few more toughies. Their body language tell you the consequences of denial. No details they are ready to provide, this time they demand cash since your cheque is not acceptable to them. Mind that they visit your home either when you are out to your work place. Your family stand perplexed before them.
This follows by threat phone calls. Believe it such things are more common these days. The concern banks are not responding , neither you know whom to complaint. After all you are not even a customer of the bank.
So you turn up for police help; God bless you;
Beware of such happenings or if you know any such case please give feed back. Something is seriously needed to curb the happenings of such odd things.