Intellectual Property: Registration and Effects
by: Adv. Kishan Dutt Kalaskar 2023-03-30 16:34:46
by: Adv. Kishan Dutt Kalaskar 2023-03-30 16:34:46
by: Adv. Kishan Dutt Kalaskar 2023-03-30 16:20:33
by: Adv. Kishan Dutt Kalaskar 2023-02-28 18:47:16
by: Adv. Kishan Dutt Kalaskar 2023-02-28 18:10:41
by: Adv. Kishan Dutt Kalaskar 2023-02-03 22:32:13
by: Admin 2023-02-01 16:45:35
Intellectual Property: Registration and Effects
Clearance to get a Passport and Visa during the pendency of Criminal Cases
Summary of the Payment and Settlement System Act, 2007
Procedure to track court cases online
Key Features of Union Budget 2023
Top 10 reasons to hire a Civil Lawyer
5 Benefits Of Hiring A Business Lawyer When Starting Your Company
Top 5 Reasons Why You Should Consult A Banking Lawyer
10 Things to Consider Before Hiring an Accident Lawyer
Payment Recovery Process
Analyzing legal and security issues in cyber contracts (E - contracts)
Discharging and Quashing in Criminal Cases
Legal compliances for online shopping sites in India
How to select a Lawyer
Supreme Court Judgments 2022
Maternity Benefit Act 1961, at a Glance
Modes of Recording Accepted by Court
Essential elements of a sale under the Transfer of Property Act
Compensation in Motor Vehicle Accident Cases
Is it important to respond to a summon?
Analysis of Section 18 of Limitation Act, 1963
Fresh period of Limitation
The breakdown of the doctrine of Res-Judicat
Impact Of Supreme Court Ruling
Analysis of Employees Provident Fund and Miscellaneous Provisions Act
How is 'BLACK MAGIC' governed in India
Different Identities of an NDA
Breaking down the requirements of becoming a Public Prosecutor in India.
Mohan Breweries & Distilleries V/s Commercial Tax officer, Madras
Kavita Kanwar Vs. Mrs Pamela Mehta & Ors
Entry into Judiciary: Minimum required Qualifications
Law of Retrenchment
Grounds for refusal of a Trademark Application
Early disposal of pending cases by the High Court
Parminder Kaur V/s State of Punjab
Central Bank of India V/s M/S Maruti Acetylene Co. Ltd.
Goan Real Estate and Construction Ltd. And Anr. V/s Union of India
Raj Kumar V/s Ajay Kumar
Synopsis of the Special Marriage Act in India
Lok Adalat has no jurisdiction to decide a matter on Merits
Significance of a Police Clearance Certificate in a pending Accident Case
Understanding the Digital Rupee
Eligibility of Teachers for Gratuity under the Payment of Gratuity Act, 1972
Dr. M. Kocher V/s Ispita Seal
Smt. Seema Kumar V/s Ashwin Kumar
Leo Francis Xaviour V/s The Principal, Karunya Institute
Nazir Mohamed V/s J. Kamala and Ors.
Addissery Raghavan V/s Cheruvalath Krishnadasan
Himalaya House Co. Ltd. Bombay V/s Chief Controlling Revenue
K. Sivaram V/s P. Satishkmar
Basir Ahmed Sisodia V/s The Income Tax Officer
Burden of Proof
Interest for delayed Payment under Payment of Gratuity Act, 1972 - Need for Change?
How to file a complaint in regards to violation of Cyber Laws
Delayed Justice from Consumer Courts
Can a registered Will be challenged in the Indian Court?
Trademark Infringement - Triple identity test in Trademark
Blockchain Technology in India – II
Manish V/s Nidhi Kakkar
Withdrawal of Mutual Divorce Proceedings
Blockchain Technology in India - I
Unnatural Offences
Surendra Kumar Bhilawe V/s The New India Assurance Company
Seat Vs Venue of Arbitration
D. Velusamy V/s D. Patchaimmal
Standard from of Contract - Legal or Illegal?
Life Insurance Corporation of India V/s Mukesh Poonamchand Shah
MSME Debt Recovery Provisions
Neelam Gupta Vs Mahipal Sharan Gupta
Analysis of Section 11A of Industrial Dispute Act, 1947.
Time Limits & Procedure to approach HC in Civil Cases
The necessity of Gender-Neutral laws in India
Sou. Sandhya Manoj Wankhade V/s Manoj Bhimrao Wankhade
Plea of Adjustment
Filing of Complaints against biased Judges
G. Raj Mallaih and Anr. V/s State of Andhra Pradesh
Zee Entertainment Enterprise Ltd. V/s Suresh Production
Chief Administrator of Huda &Anr. v/s Shakuntala Devi
Permanent Child Custody
Dilution of the statutory protection available to MSMEs
Validity of an Unregistered Sale Agreement
Ambalal Sarabhai Enterprise v/s Ks Infraspace LLP
False and misleading advertisements in India
National Legal Service Authority v/s Union of India and Others
Recovery Procedure in Cheque Bounce Cases
Roxann Sharma V/s Arun Sharma
Ganesh Santa Ram Sirur V/s State Bank of India &Anr.
Recovery Procedure of Consumer Court Cases
Bank Guarantee
M/s M.M.T.C Ltd. & Anr v/s M/s Medchl Chemical & Pharma P
Shailendra Swarup V/s Enforcement Directorate, The Deputy
SunitaTokas v/s New India Insurance Ltd.
Can couples get separated without a divorce?
Scope of Arbitration in India
Appointment of Arbitrators
NRIs right to purchase Property in India
Decriminalization of Dishonour of Cheques: a measure contradictory to its purpose
Paternity leave in India
Regulation of Cryptocurrency in India
How can litigants list their cases online?
Validity of Narco-Analysis in India
Remedies against frivolous cases registered against students by the Police
Procedures involved in a Criminal Trial
Procedured Involved in a Family Court Case
Death Certificate of a missing Person
Accountability of Police
Highlight of important Dishonour of Cheque case laws in 2020
Guidelines to be followed by Registered Medical Practitioners to dispense medicines
Land Mark Judgements on Family Law for the Year 2020
Remedies against harassment by Recovery Agents
Abetment to Suicide
Overview of the Vehicle Scrappage Policy
Rights of husbands in dowry and cruelty-based complaints
Admissibility of E-evidence; Are WhatsApp chats and E-mails admissible in Court?
Triloki Nath Singh V/s Anirudh Singh
Milmet Oftho & Ors. V/s Allergan Inc.
Director of Income Tax II (International Taxation) V/s M/s Samsung Heavy Industries Co. Ltd.
M/s ExL Careers V/s Frankfinn Aviation Services Pvt. Ltd.
The Maharashtra State Cooperative Bank Ltd V/s Babulal Lade & Ors.
Constitutionality of Bandhs
State of Himachal Pradesh V/s A parent of a student of a Medical College & Ors.
Rathnamma & Ors. V/s Sujathamma & Ors.
Ravinder Kaur Grewal V/s Manjit Kaur
Ficus Pax Pvt. Ltd. V/s Union of Indian & Ors.
Commissioner of Income Tax V/s Chandra Sekhar
Analysis of Section 41-A of CRPC, 1973
Judgment: Indian Bank V/s Abs Marine Product Pvt. Ltd.
Kailas & Ors. V/s State of Maharashtra
Sukhedu Das Vs Rita Mukherjee
Witness to a Will
National Insurance Co. Ltd V/s Hindustan Safety Glass Works
Mahalakshmi V/s Bala Venkatram (d) through LR & Anr.
Kajal V/s Jagdish Chand
Shyamal Kumar V/s Sushil Kumar Agarwal
NRI's Power of Attorney
Megha Khandelwal V/s Rajat Khandelwal and Ors.
Is Registration Compulsory under Trademark and Copyright?
Md. Eqbal & Anrs. V/s State of Jharkhand
Types of Will
Employment Contract
Police Clearance Certificate
Validity of Crypto-Currency in India
A. Jayachandra V/s Aneelkaur
Points to be considered before filing an Income Tax Return
Union of India V/s N. K. Shrivasta
Startup under the Government Programme
The procedure for filing a complaint against a Lawyer
Types of Stamp Paper
Satvinder Singh V/s State of Bihar
Sexual Violence laws under the Indian Penal Code
Shreya Singhal V/s Union of India
Division of Assets
Shaleen Kabra V/s Shiwani Kabra
Types of Property
Vasant Kumar V/s Vijaykumari
Personal Injury - Damages
Adultery under the Indian Law
United Commercial Bank & Anr. V/s Deepak Debbarma & others
Intentional Wrongs
Vinay Kumar Mittal & Others V/s Deewan Housing Financial Corporation Limited
How to get a Marriage Certificate?
Mohammed Siddique Vs National Insurance Company Ltd
Pagdi System
The Bonus Act
Frivolous Complaints under the Sexual Harassment Act
Important Income Tax Return Forms and its Due Dates
Garden Leave
How can a Private Complaint be filed?
Key changes to Indian Tax Regulations
Employees Provident Fund
Status of Triple Talaq
Contract Farming & the new ordinances that affect the Farmers
Documents required for filing a Divorce
Section 138, 141 and 142 of the Negotiable Instrument Act 1881
Validity and Enforceability of Click-wrap Agreements
Child Custody under Christian and Parsi Law
Hindu Succession Act
Oppression and Mismanagement
Fraudulent and Invalid Contracts
Developments in Reserve Bank of India
Loan Frauds in India
Penalties associated with Driving
Laws governing a Knife
Medical Negligence and its Compensation
Interim Maintenance under the Domestic Violence Act
Shortcomings of the Consumer Protection Act, 2019
Tougher rules for the E-Commerce Industry
Difficulties faced by men in Family Courts
The consumer is the King in 2020
Illegal Termination of an Employee during Covid-19.
Child Labour Laws in times of Covid-19
Real Estate scenario Post Covid-19
Post Covid-19 Digital Shift of Legal practise
Mutual Consent Divorce through Video Conferencing
59 Chinese Apps banned in India
Litigants and the Lockdown - A Court Perspective
Anticipatory Bail for cases under section 498A of IPC
Brand Protection in times of Covid-19
Title Verification of Immovable Property
The Judiciary during the Pandemic
Termination of an Employee during Covid-19
Drafting of a Will
Criminal Medical Negligence in times of Covid-19
How does Covid-19 affect employers and employees?
Rent deference during the Pandemic
Post Covid-19 digital shift of legal practise
Police Interrogation
Prenuptial Agreements
Void and Voidable Contracts
The Negotiable Instrument Act 1881
Cheque Bounce Notice
Types of Dishonour of Cheques
Intestate Succession
The Stand of Essential Commodities
Trademark Cease and Desist Notice
IT Department Notice
Eviction of a Tenant
Consumer Complaint Legal Notice
Medical Adherence to Environmental Laws
Basic Elements of Transfer of Property Act, 1882
Debt Recovery Notice
Cheque Bounce Notice
Hygiene maintenance in Hospitals and Clinics
Consequences of using a Fake Degree/Certificate
Healthcare Security
Rights of Doctors with respect to Medical Negligence
Importance of Consent
Faulty Machine Aids Medical Negligence
The Special Marriage Act, 1954
Top 2019 judgements by Supreme Court
National Medical Commission Act 2019
Money Laundering
Hindu Undivided Family (HUF)
Child Labour
Endorsement under Negotiable Instrument Act
Quashing of an FIR
Annulment of Marriage
Probate
FAQ's on Trademark
EMI - Equated Monthly Installments
Legal mistakes made by the Start-Up
What is a Stamp Paper?
Sexual Abuse in Shelter Homes
Debt Recovery provisions under the SARFAESI Act
Effective ways to stop Ragging
Transfer of Property Act
Personal Injury Lawyers
Marriage Registration under the Special Marriage Act
Rights of Tenant
Classification of various Collar Jobs
Documents to be submitted for ITR Filing
Illegal Immigrants
Role of lawyers in Corporate Finance
Intestate Succession
Employment of White Collar Employment of White Collar
Domestic Violence
Power of Attorney
Dissolution of Marriage - Christian
Noting And Protest
Hostile Witness
Unfair Trade Practice
All you need to know: Drafting a Legal Notice
Fraudulent and unauthorized transactions at ATM
Is legal documentation important in medical practice?
Why do doctors need to be updated with medical negligence laws?
Personal Data Protection Bill, 2019
Jurisdiction of Consumer Redressal Forums
Does telephonic consultations amount to culpable negligence?
Consumer dispute Redressal Forum in dealing with Medical Negligence
Validity of Notices.
Response to a Legal Notice
Promotion of Medical Products.
Doctors' Bill: Prohibition of Violence & Damage to Property Bill, 2019.
Why less Indemnity cover is risky for Doctors?
Procedure for filing a Notice in India
Format of Legal Notices in India
Citizenship Amendment Act, 2019
Demerger
Legal framework for the Elimination of violence against Women in India
International Day for the Elimination of violence against Women
Family Courts in India
Inheritance Law in India
Rights of Children in India
Virtual Clinic
New Medical Technologies in India
Land Records & Titles
Regulations for firecrackers during Diwali
Legal and Regulatory Regime: Medical Technology
Intellectual Property in Medicine
Consumer Protection Bill, 2019
Artificial Intelligence in healthcare
The Real Estate (Regulation & Development) Act
Warrant and its Types
Joint Custody of Child in India
Limited Liability Partnership (LLP)
Penal Provision on Rash and Negligent Driving
National Company Law Tribunal
Rules to be followed by the Ganpati Mandals
Need to amend CrPC and IPC to increase the conviction rate.
Motor Vehicle Amendment Act, 2019
The Growth of technology Patents in India
Citizenship under the Indian Constitution
Basic Structure of the Indian Constitution
A comparative study of the Indian, UK and the US Constitution
Can the Indian Constitution be Amended?
Overview of the Indian Constitution
All you need to know: Drafting a Legal Notice
Surrogacy (Regulation) Bill, 2019
Overview of The Indian Penal Code
Offences and Prosecution under the Income Tax Act, 1961
The abolishment of Article 370 of the Constitution: One Nation One Flag
Intervention of SC in the Unnao Rape Case
Case of abandoned NRI brides, Supreme Court issues notice to the State
Financial Risk Management
Know more about Equal Remuneration Act, 1976
Procedure to File Complain against Domestic Violence
The IndiGo Promotors Feud
Rajya Sabha passes the Triple Talaq Bill
Gift Deed
More about Contested Divorce
Things to be kept in mind - Dishonor of Cheque
Prison Reforms in India
Consumer Protection ACT, 1986
More about Joint Venture
Delay of Condonation
Points to be Noted for Child Custody to Father
Basic information of Companies
Plastic Money and their Advantage & Disadvantages
Motor Accident Claim Tribunal
Guidelines to protect doctors from frivolous and unjust prosecution
Unjust Compensation - A Doctors Perspective
Misdiagnosis: A Medical Negligence?
Exemption of doctors operating in Emergency Rooms
General Types of Medico-Legal Cases (MLC)
Duty of patient to avoid aiding Medical Negligence
Rights of the Patient
Steps to be taken to avoid Medical Negligence
Liability of Medical Negligence under Consumer Protection Act
Laws that affect Medical Professionals in India
Defense against Medical Negligence Cases
Duties of Doctors
Common types of Medical Negligence
Medical Consent for treatment in India
Regulation for E - Pharmacy in India
Types of Consent for Medical Treatment
Guidelines for Autopsy/ Postmortem in India
Guidelines for the prescription of medicines
Procedure to start a Pharmacy Store in India
India Vs Pakistan: Kulbhushan Jadhav's Case
Contempt of Court
Juvenile Justice Act, 2000
Bankruptcy & Insolvency in India
The Maternity Benefit Act, 1961
Guardian and Ward Act In India
Medical Negligence in India
Procedure to be followed in Civil Recovery Proceedings
Rights of Consumers
Mandatory Registration of Documents and procedure
Rafale Deal And All About The Controversy
There are numerous cases of the oppressive and illegal conduct of recovery agents attempting to recover pending dues for the banks' benefit. In the past few years there have been many such instances, to showcase an example, an 81-year-old woman was seriously threatened by recovery agents, she got 375 threatening calls concerning her child's unpaid bank dues. After that, she moved to the police, and a case was filed against these agents. Another incident quoted as per media reports stated that a private bus was halted, and 42 travellers were held hostage for three hours by recovery agents, who needed to recover money from the travel company that owned the bus. These cases affirm that recovery agents/offices are feared in India.
A recovery agent seeks clients and organizations that owe instalments to banks. Many of these recovery agents collect the banks' clients payment dues for a charge or a percentage of the total amount owed.
These agents are generally a third-party as they are not a part of the original contract.
The individuals not just face humiliation before family or friends, but also face actual dangers.
There are a few situations where the clients have committed suicide or faced serious medical conditions because of the recovery agents' threatening conduct.
Harassment
What is considered harassing by a lender?
If the lender attempts to do any of the following, it could be viewed as harassment to recover the money owed. These actions include :
What isn't considered harassing by a lender?
Not all activities that a lender conducts can be labelled as harassment. Leasers are permitted to find a way to get back the amount customers owe them. These include:
In a judgment (Smart Security Secret Service Agency Vs State Bank of India) the High Court of Kerala decided that solid arm strategies to recover credits by Banks and other Financial Institutions are unlawful. Expressing that the use of solid arm strategies was unlawful, deceptive and against the insurance of public interest, notwithstanding being against the general approach, the High Court guided financial organizations to adhere to the fair treatment of law in an authorized way. Likewise, this judgment was sent to the Governor of the Reserve Bank of India (RBI) to guarantee that similar occurrences would not happen later. Although the RBI has laid numerous principles against banks delegating these sorts of recovery agents, these agents are still appointed by the banks.
Legal Remedies
Legal Remedies available to defaulter in the case of harassment by recovery agents
Legal remedies accessible to Banks and NBFCs for credit recovery
Legal remedies accessible to corporates for advance recovery
Court Precedent
ICICI Bank Vs Shanti Devi Sharma & Ors, 2008: In this landmark judgment, the Supreme Court emphasized its stand that banks can't send musclemen to recover advances from defaulters, subsequently compelling them to take their lives. A Bench consisting of Justices Tarun Chatterjee and Dalveer Bhandari stated that they considered it proper to remind the banks and other financial organizations that we live in a socialized country and are administered by the standard of law. While rejecting the ICICI Bank's plea, the court refused to delete the Delhi High Court's comments that considered the Bank and its musclemen liable for abetting a person to commit suicide by threatening him.
As indicated by the court, Reserve Bank's complaints concerning infringement of the above rules and adoption of oppressive practices followed by banks' recovery agents would be seen genuinely. Emphasizing the RBI Guidelines on Engagement of Recovery Agents, the court held that the Reserve Bank might consider forcing a restriction on a bank from engaging with recovery agents in a specific area, either jurisdictional or functional, for a limited period. If there should be an occurrence of tenacious break of the above rules, Reserve Bank may consider expanding the time of ban or the area of the ban.
Justice Bhandari, writing the Bench's decision, expressed that RBI had communicated its concern about the number of prosecutions recorded against the banks in the recent past for engaging with recovery agents who have purportedly abused the law. ICICI Bank had moved the Supreme Court looking for the deletion of certain paragraphs in the High Court order which had said that the general reason for the death of the deceased that drove him to commit suicide was because of humiliation brought about by the Bank.
The High Court had noticed that the modus-operandi by the banks like ICICI for the acknowledgement of their advance money and for recovering the ownership of the vehicle against which advances are given extra-legitimate, and in no way, they can be allowed to utilize musclemen and hooligans for the recovery of their loan even from a defaulting party. The High Court order had gone ahead with an appeal filed by Shanti Devi Sharma, the deceased's mom, looking for a probe against the ICICI bank and its staff for the unlawful activity, which prompted the suicide of her 34-year-old child Himanshu Dev Sharma. Sharma committed suicide in October 2005 by hanging himself at his home after he was supposedly threatened and humiliated before his neighbours and family by recovery agents used by the Bank to recover the advance money taken to buy his motorcycle.
Conclusion and Current Norms
A bank and corporate organizations' performance analysis can't be exclusively founded on resources mobilized or advances made. Resource mobilization, the arrangement of resources, and reusing resources are three primary places of banking and corporate business tasks. In this way, recovery is similarly a significant action. Any deferral in recovery hampers the reuse of assets, and banks' capacity to restore the advances to financial institutions is also hindered, because of which honest borrowers suffer. Consequently, the quick recovery of credit for the proper working of a business is fundamental.
The Reserve Bank of India has issued rules under Asset Reconstruction Companies (ARCs) to prepare recovery agents not to disturb borrowers by setting up a fair practices code, and a complaint redressal system that will likewise be set up for quicker resolution of genuine objections made by the borrowers, as stated by the RBI. Additionally, RBI held that the ARCs should share the name and number of the assigned complaint redressal official with the borrowers. The mechanism will fundamentally review genuine complaints, which incorporates dealing with administrations furnished by the outsourced office alongside the recovery agents.
">
There are numerous cases of the oppressive and illegal conduct of recovery agents attempting to recover pending dues for the banks' benefit. In the past few years there have been many such instances, to showcase an example, an 81-year-old woman was seriously threatened by recovery agents, she got 375 threatening calls concerning her child's unpaid bank dues. After that, she moved to the police, and a case was filed against these agents. Another incident quoted as per media reports stated that a private bus was halted, and 42 travellers were held hostage for three hours by recovery agents, who needed to recover money from the travel company that owned the bus. These cases affirm that recovery agents/offices are feared in India.
A recovery agent seeks clients and organizations that owe instalments to banks. Many of these recovery agents collect the banks' clients payment dues for a charge or a percentage of the total amount owed.
These agents are generally a third-party as they are not a part of the original contract.
The individuals not just face humiliation before family or friends, but also face actual dangers.
There are a few situations where the clients have committed suicide or faced serious medical conditions because of the recovery agents' threatening conduct.
Harassment
What is considered harassing by a lender?
If the lender attempts to do any of the following, it could be viewed as harassment to recover the money owed. These actions include :
What isn't considered harassing by a lender?
Not all activities that a lender conducts can be labelled as harassment. Leasers are permitted to find a way to get back the amount customers owe them. These include:
In a judgment (Smart Security Secret Service Agency Vs State Bank of India) the High Court of Kerala decided that solid arm strategies to recover credits by Banks and other Financial Institutions are unlawful. Expressing that the use of solid arm strategies was unlawful, deceptive and against the insurance of public interest, notwithstanding being against the general approach, the High Court guided financial organizations to adhere to the fair treatment of law in an authorized way. Likewise, this judgment was sent to the Governor of the Reserve Bank of India (RBI) to guarantee that similar occurrences would not happen later. Although the RBI has laid numerous principles against banks delegating these sorts of recovery agents, these agents are still appointed by the banks.
Legal Remedies
Legal Remedies available to defaulter in the case of harassment by recovery agents
Legal remedies accessible to Banks and NBFCs for credit recovery
Legal remedies accessible to corporates for advance recovery
Court Precedent
ICICI Bank Vs Shanti Devi Sharma & Ors, 2008: In this landmark judgment, the Supreme Court emphasized its stand that banks can't send musclemen to recover advances from defaulters, subsequently compelling them to take their lives. A Bench consisting of Justices Tarun Chatterjee and Dalveer Bhandari stated that they considered it proper to remind the banks and other financial organizations that we live in a socialized country and are administered by the standard of law. While rejecting the ICICI Bank's plea, the court refused to delete the Delhi High Court's comments that considered the Bank and its musclemen liable for abetting a person to commit suicide by threatening him.
As indicated by the court, Reserve Bank's complaints concerning infringement of the above rules and adoption of oppressive practices followed by banks' recovery agents would be seen genuinely. Emphasizing the RBI Guidelines on Engagement of Recovery Agents, the court held that the Reserve Bank might consider forcing a restriction on a bank from engaging with recovery agents in a specific area, either jurisdictional or functional, for a limited period. If there should be an occurrence of tenacious break of the above rules, Reserve Bank may consider expanding the time of ban or the area of the ban.
Justice Bhandari, writing the Bench's decision, expressed that RBI had communicated its concern about the number of prosecutions recorded against the banks in the recent past for engaging with recovery agents who have purportedly abused the law. ICICI Bank had moved the Supreme Court looking for the deletion of certain paragraphs in the High Court order which had said that the general reason for the death of the deceased that drove him to commit suicide was because of humiliation brought about by the Bank.
The High Court had noticed that the modus-operandi by the banks like ICICI for the acknowledgement of their advance money and for recovering the ownership of the vehicle against which advances are given extra-legitimate, and in no way, they can be allowed to utilize musclemen and hooligans for the recovery of their loan even from a defaulting party. The High Court order had gone ahead with an appeal filed by Shanti Devi Sharma, the deceased's mom, looking for a probe against the ICICI bank and its staff for the unlawful activity, which prompted the suicide of her 34-year-old child Himanshu Dev Sharma. Sharma committed suicide in October 2005 by hanging himself at his home after he was supposedly threatened and humiliated before his neighbours and family by recovery agents used by the Bank to recover the advance money taken to buy his motorcycle.
Conclusion and Current Norms
A bank and corporate organizations' performance analysis can't be exclusively founded on resources mobilized or advances made. Resource mobilization, the arrangement of resources, and reusing resources are three primary places of banking and corporate business tasks. In this way, recovery is similarly a significant action. Any deferral in recovery hampers the reuse of assets, and banks' capacity to restore the advances to financial institutions is also hindered, because of which honest borrowers suffer. Consequently, the quick recovery of credit for the proper working of a business is fundamental.
The Reserve Bank of India has issued rules under Asset Reconstruction Companies (ARCs) to prepare recovery agents not to disturb borrowers by setting up a fair practices code, and a complaint redressal system that will likewise be set up for quicker resolution of genuine objections made by the borrowers, as stated by the RBI. Additionally, RBI held that the ARCs should share the name and number of the assigned complaint redressal official with the borrowers. The mechanism will fundamentally review genuine complaints, which incorporates dealing with administrations furnished by the outsourced office alongside the recovery agents.
Comment
Share