Killed for a 15000 Personal loan!?

spindoc · 25th June 2007, 20:30

It does not matter if the amount in default is 15k or 15Cr. There is no justification for taking someone's life over it - it is shameless and just shows that 60 years on, there's still a lot of darkness in our country.

Truth be told, in the quest for massive expansion, these institutions flood the market with loans/cards without proper verification and in gross violation of a number of guidelines (KYC) and then when it backfires, they adopt illegal measures to get back their dues.

While there is definitely no justification for customers defaulting on payments, recourse must be taken legally and not by resorting to despicable "recovery" tactics. What is this if not "organized crime"?
The cards/loans businesses and especially dealing with the DSAs of a number of these private-sector banks has a very murky feel to it.

I guess one is a lot safer sticking to PSU banks, even though one "may" have to face more hardships in terms of paperwork / policies. At least, one can rest assured that they will never have to repay with the costliest asset - life itself.

v1p3r · 25th June 2007, 20:37

Guys, don't trivialise this thread, please.

Rehaan · 25th June 2007, 21:29

Similar thread -

http://www.team-bhp.com/forum/indian...rs-friend.html

cya
R

Mayavi · 25th June 2007, 21:42

Supreme Court recently ruled that banks cannot use goons to recover bad debts, unfortunately they also said that criminal charges cannot be filed against bank officials for using goons. I hope they amend the ruling after this incident to make the bank officials directly responsible for the actions of loan recovery companies they use.

sajo · 25th June 2007, 22:53

Quote:

Originally Posted by spindoc

I guess one is a lot safer sticking to PSU banks, even though one "may" have to face more hardships in terms of paperwork / policies.

PSUs have improved much in the past few years when it comes to customer care.

rkg · 26th June 2007, 11:16

i suggest we all send this thread or mail to chief justice of India asking for treating it as PIL. i feel ICICI banking license should be suspended for a week as punishment.
today i saw another news. HDFC reduces floating rate of interest for new customers by 0.25% as monsoon offer ( monsoon offer of luring customers to cheat later) whereas existing customers of floating rate pay more. this is plain cheating. ICICI is also doing the same.
One more thing ICICI practices is it will not debit the salaries once in a while for two/three days and charge customers check bounce charges etc. it happened to our organization. we changed salary accounts to SBI immediately

rkg · 26th June 2007, 11:50

The Andhra Pradesh Human Rights Commission on Tuesday ordered the assistant commissioner of police of the Panjagutta police limits to submit a report on the death of a man who was allegedly confined by agents of a debt recovery firm appointed by ICICI Bank [Get Quote].

Talking to media persons in Hyderabad, the APHRC chairman Justice Subhashan Reddy said taking suo moto cognisance of media reports, the commission had ordered the police to submit a report on the death of Yadiah and register cases against the bank

File case on ICICI, AP cops told

nitrous · 26th June 2007, 12:04

Im contented that the Human Rights Association and the Credit Card Holders Association are on the case!

mainak · 26th June 2007, 12:08

human rights, ngo's they all come into action when things go bad. But nontheless hope they are able to get justice the way it is meant to be..

austere_sly · 26th June 2007, 13:10

ICICI is one bad bank to do banking with. While applying for car loan, I signed up for HPCL gold credit card. They gave me HPCL Silver card instead. I went to their nearest branch and cut the credit card and now have cancelled credit card with them.

Zappo · 26th June 2007, 13:23

Quote:

Originally Posted by rkg

i suggest we all send this thread or mail to chief justice of India asking for treating it as PIL.

And how do we do that?

rkg · 26th June 2007, 13:38

e-mail at : supremecourt@nic.in ( general email id)

New Page 1 for filing cases in supreme court on the net

LLL · 27th June 2007, 11:57

Now when i get a call from any bank asking me to take a loan, i have started to ask them why do you kidnap and kill people for non-payment? Most of tele-executives are speechless and simply disconnect.

Those who still persist, i ask them for a loan @ 0% ROI.

moralfibre · 27th June 2007, 14:06

Quote:

Originally Posted by LLL

Those who still persist, i ask them for a loan @ 0% ROI.

Nice suggestion. I also try to check if "no repayment" option is available. Usually do this when I have time to speak to them otherwise I simply disconnect.

navdeep · 27th June 2007, 14:15

Quote:

Originally Posted by Zappo

Oye! What is this? Early in the evening and it seems like you already have a couple of pegs inside.

no I guess he wants to convey "She is always on my mind"

25th June 2007, 20:30	#31
spindoc BHPian Join Date: Apr 2007 Location: Madras Posts: 356 Thanked: 293 Times	It does not matter if the amount in default is 15k or 15Cr. There is no justification for taking someone's life over it - it is shameless and just shows that 60 years on, there's still a lot of darkness in our country. Truth be told, in the quest for massive expansion, these institutions flood the market with loans/cards without proper verification and in gross violation of a number of guidelines (KYC) and then when it backfires, they adopt illegal measures to get back their dues. While there is definitely no justification for customers defaulting on payments, recourse must be taken legally and not by resorting to despicable "recovery" tactics. What is this if not "organized crime"? The cards/loans businesses and especially dealing with the DSAs of a number of these private-sector banks has a very murky feel to it. I guess one is a lot safer sticking to PSU banks, even though one "may" have to face more hardships in terms of paperwork / policies. At least, one can rest assured that they will never have to repay with the costliest asset - life itself.
	() Thanks

25th June 2007, 20:37	#32
v1p3r Senior - BHPian Join Date: Feb 2005 Location: BLR / DXB / LON Posts: 5,334 Thanked: 6,896 Times View My Garage	Guys, don't trivialise this thread, please.
	() Thanks

25th June 2007, 21:29	#33
Rehaan Team-BHP Support Join Date: Feb 2004 Location: Bombay Posts: 24,046 Thanked: 34,078 Times	Similar thread - http://www.team-bhp.com/forum/indian...rs-friend.html cya R
	() Thanks

25th June 2007, 21:42	#34
Mayavi BHPian Join Date: Apr 2007 Location: Scottsdale Posts: 682 Thanked: 9 Times View My Garage	Supreme Court recently ruled that banks cannot use goons to recover bad debts, unfortunately they also said that criminal charges cannot be filed against bank officials for using goons. I hope they amend the ruling after this incident to make the bank officials directly responsible for the actions of loan recovery companies they use.
	() Thanks

26th June 2007, 11:16	#36
rkg Senior - BHPian Join Date: Apr 2005 Location: bangalore Posts: 1,044 Thanked: 594 Times	i suggest we all send this thread or mail to chief justice of India asking for treating it as PIL. i feel ICICI banking license should be suspended for a week as punishment. today i saw another news. HDFC reduces floating rate of interest for new customers by 0.25% as monsoon offer ( monsoon offer of luring customers to cheat later) whereas existing customers of floating rate pay more. this is plain cheating. ICICI is also doing the same. One more thing ICICI practices is it will not debit the salaries once in a while for two/three days and charge customers check bounce charges etc. it happened to our organization. we changed salary accounts to SBI immediately Last edited by rkg : 26th June 2007 at 11:19.
	() Thanks

26th June 2007, 11:50	#37
rkg Senior - BHPian Join Date: Apr 2005 Location: bangalore Posts: 1,044 Thanked: 594 Times	File case on ICICI, AP cops told The Andhra Pradesh Human Rights Commission on Tuesday ordered the assistant commissioner of police of the Panjagutta police limits to submit a report on the death of a man who was allegedly confined by agents of a debt recovery firm appointed by ICICI Bank [Get Quote]. Talking to media persons in Hyderabad, the APHRC chairman Justice Subhashan Reddy said taking suo moto cognisance of media reports, the commission had ordered the police to submit a report on the death of Yadiah and register cases against the bank File case on ICICI, AP cops told
	() Thanks

26th June 2007, 12:04	#38
nitrous Senior - BHPian Join Date: May 2004 Location: UAE/Lon/Madras Posts: 6,965 Thanked: 325 Times View My Garage	Im contented that the Human Rights Association and the Credit Card Holders Association are on the case!
	() Thanks

26th June 2007, 12:08	#39
mainak BHPian Join Date: Jun 2007 Location: Mumbai Posts: 90 Thanked: 0 Times	human rights, ngo's they all come into action when things go bad. But nontheless hope they are able to get justice the way it is meant to be..
	() Thanks

26th June 2007, 13:10	#40
austere_sly BHPian Join Date: Mar 2007 Location: New Delhi Posts: 295 Thanked: 15 Times View My Garage	ICICI is one bad bank to do banking with. While applying for car loan, I signed up for HPCL gold credit card. They gave me HPCL Silver card instead. I went to their nearest branch and cut the credit card and now have cancelled credit card with them.
	() Thanks

26th June 2007, 13:38	#42
rkg Senior - BHPian Join Date: Apr 2005 Location: bangalore Posts: 1,044 Thanked: 594 Times	e-mail at : supremecourt@nic.in ( general email id) New Page 1 for filing cases in supreme court on the net
	() Thanks

27th June 2007, 11:57	#43
LLL BHPian Join Date: Mar 2005 Location: Delhi Posts: 635 Thanked: 2 Times	Now when i get a call from any bank asking me to take a loan, i have started to ask them why do you kidnap and kill people for non-payment? Most of tele-executives are speechless and simply disconnect. Those who still persist, i ask them for a loan @ 0% ROI.
	() Thanks