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In the same month, the working group at IBA
too announced its plans to set up a fast-track court based on
the lines of Lok Adalat.8 The loan recovery forum would expedite
the process of recovery of loans and vehicles in a legal manner.
Approving the concept of such forum for loan recovery, RBI
requested IBA to start a certificate course in affiliation with
the Indian Institute of Banking and Finance (IIBF) for providing
training to recovery agents and marketing agents for loan
recovery. |
RBI also issued a warning to the banks that in case
of any incident of high-handedness reported in the future or further
noncompliance of the RBI guidelines, a temporary or permanent ban would
be imposed on the concerned banks.
Additional Readings & References
1. "Banks Can't Hire Goondas for Loan Recovery," www.thehindu.com,
February 7, 2007.
2. "Outgunning the Goons," www.telegraphindia.com, September 24, 2007.
3. "Review Loan Recovery Practices: RBI," www.apnaloan.com, October 5,
2007.
4. "RBI Seeks Review of Loan Recovery Practices," www.rediff.com,
October 5, 2007.
5. "IBA to Deal with Recovery Agent High-handedness," www.apnaloan.com,
October 26, 2007.
6. "Alert on Loan Recovery," www.telegraphindia.com, October 31, 2007.
7. "ICICI Bank Heeds to RBI Diktat on Recovery Agents," www.indiaenews.com, November 2, 2007.
8. "Stop Using Muscle Power for Loan Recovery," www.newstrackindia.com,
November 7, 2007.
9. "SC Asks Banks' Loan Recovery Methods," www.southasianmedia.net,
November 21, 2007.
10. "RBI Issues Draft Guidelines for Recovery Agents," www.businesstandard.com, November 30, 2007.
11. "RBI Favours Lok Adalat Forum for Loan Recovery," www.thehindubusinessline.com, November 30, 2007.
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