Lawyer for Loan EMI Harassment | Credit Card Dispute Advocate | Paresh M Modi | Personal Loan Defaulters Vakil | Recovery Agents Illegal Recovery Style | Ahmedabad | Gujarat
The Reserve Bank of India (RBI) has laid out specific guidelines for recovery agents to ensure fair practices during the recovery of housing loans. These guidelines are intended to safeguard borrowers from harassment and maintain ethical standards in debt recovery practices. Here are the key RBI guidelines for recovery agents:
1. Appointment of Recovery Agents
– Banks must ensure that recovery agents are properly trained and authorized to handle loan recovery cases.
– Recovery agents must adhere to a formal code of conduct, which outlines their expected behavior and procedures during recovery.
– Banks should ensure that the recovery agents act in a responsible and respectful manner.
2. Appropriate Timing of Calls and Visits
– Recovery agents can only contact borrowers between 8 a.m. and 7 p.m. unless the borrower consents to a different time.
– Unnecessary harassment or excessive phone calls to the borrower or their family members should be avoided.
3. Identification of Recovery Agents
– Recovery agents must carry a valid identification card issued by the bank, and they must show this ID when they visit borrowers.
– They must also carry a written authorization letter from the bank mentioning the loan details and the purpose of the visit.
4. Fair Practices
– Banks and recovery agents must follow fair practices when engaging with borrowers. They should not resort to aggressive or coercive methods to recover dues.
– Any recovery-related communication should be transparent, clear, and professional.
– Misleading borrowers about the consequences of non-payment is strictly prohibited.
5. Grievance Redressal
– Banks should establish an effective grievance redressal mechanism for borrowers to raise complaints regarding harassment by recovery agents.
– Borrowers should be informed about this mechanism, and complaints must be resolved in a timely manner.
6. Adherence to the Legal Framework
– Recovery agents should adhere to legal procedures, including any court orders, when seizing property or taking legal action against defaulters.
– Banks must ensure that all recovery actions are compliant with applicable laws, including the SARFAESI Act (Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act) and other legal provisions.
7. Communication Protocol
– Recovery agents should maintain confidentiality and should not disclose loan information to unauthorized persons.
– The borrower must be given sufficient time and notice regarding repayment before any recovery action is taken.
These guidelines aim to protect borrowers from harassment and ensure that recovery actions are conducted fairly and ethically by banks and their agents.
Legal Words and Definitions
Loan
A loan is a sum of money borrowed from a lender, such as a bank or financial institution, that must be repaid with interest over a specified period.
Personal Loan
A personal loan is an unsecured loan provided for personal expenses, such as medical emergencies, travel, or home improvement, without collateral.
Business Loan
A business loan is a financial product designed to support business operations, including expansion, purchasing inventory, or meeting cash flow needs.
Online
Online refers to digital platforms or internet-based services used for accessing, applying for, or managing financial products like loans and credit.
Credit Card
A credit card is a financial tool issued by a bank, allowing users to borrow funds for purchases with a predetermined credit limit.
Late Payment
Late payment occurs when a borrower fails to pay the agreed installment or due amount by the specified deadline, often leading to penalties.
Settlement
Settlement is a mutual agreement between parties to resolve a financial or legal dispute, typically involving partial payment or revised terms.
Compromise
Compromise refers to an agreement where conflicting parties make concessions to settle disputes amicably.
Legal
Legal pertains to matters governed by law, including compliance, enforcement, and dispute resolution.
Solution
A solution is a method or strategy to address and resolve financial, legal, or personal issues effectively.
Disputes
Disputes are disagreements or conflicts, often financial or legal, that require resolution through negotiation, mediation, or legal intervention.
Matters
Matters refer to issues, cases, or concerns requiring attention or action, particularly in legal or financial contexts.
Remedy
A remedy is a means of addressing a wrong or resolving a dispute, often provided through legal or financial actions.
Services
Services refer to professional support or assistance offered in areas such as legal advice, financial planning, or loan management.
Due Payment
A due payment is the amount owed by a borrower to a lender or creditor that is yet to be paid within the agreed timeline.
Home Loan
A home loan is a secured loan provided to individuals for purchasing, constructing, or renovating residential properties.
Mortgage Loan
A mortgage loan is a secured loan where real estate property is pledged as collateral to secure the borrowed amount.
Unsecured
Unsecured refers to loans or financial products not backed by collateral, relying solely on the borrower’s creditworthiness.
Secured
Secured pertains to loans that are backed by collateral, such as property or assets, ensuring repayment to the lender.
Cheque
A cheque is a written order directing a bank to pay a specified amount from the issuer’s account to the named recipient.
ECS
Electronic Clearing System (ECS) is an electronic mode of transferring funds for recurring transactions like loan EMIs or utility bills.
NACH
National Automated Clearing House (NACH) is an electronic payment system facilitating bulk transactions, including salaries, pensions, and EMI payments.
Mandate
A mandate is an authorization given by an account holder to a bank or institution to debit their account for specific transactions.
Court
A court is a legal institution authorized to adjudicate disputes and enforce laws through judicial processes.
Case
A case is a legal matter brought before a court for resolution, often involving disputes, violations, or claims.
Bank
A bank is a financial institution that offers services such as deposits, loans, and credit facilities to individuals and businesses.
Account
An account is a financial arrangement with a bank or institution for managing deposits, withdrawals, and transactions.
Recovery
Recovery refers to the process of collecting overdue payments or debts from borrowers or defaulters.
Agent
An agent is an individual or entity authorized to act on behalf of another, often in debt recovery or financial transactions.
Harassments
Harassments refer to unethical or aggressive actions, often by creditors or agents, to recover overdue payments.
Overdue
Overdue describes payments or obligations that have not been settled by the agreed deadline.
EMI
Equated Monthly Installment (EMI) is a fixed monthly payment made towards repaying a loan over a set period.
Creditors
Creditors are entities or individuals who lend money or extend credit and expect repayment from borrowers.
Debtors
Debtors are individuals or entities who owe money to creditors or lenders.
Finance
Finance refers to the management of money, including borrowing, lending, saving, and investing.
Financer
A financer is a person or entity that provides funds for business, personal, or investment purposes.
NBFC
Non-Banking Financial Companies (NBFCs) are financial institutions that offer services like loans and investments but do not hold banking licenses.
Private
Private refers to non-governmental financial institutions or services offered by privately-owned entities.
Company
A company is a legal entity engaged in business activities, including financial services such as lending and investment.
Advocates
Advocates are legal professionals authorized to represent clients in courts and provide legal advice.
Lawyers
Lawyers are trained legal practitioners who offer legal services, advice, and representation in legal matters.
Vakil
Vakil is a term commonly used in India to refer to an advocate or lawyer.
Mediation
Mediation is an alternative dispute resolution process where a neutral mediator helps conflicting parties reach an agreement.
Near
Near refers to proximity or closeness to a specific location or service provider.
Near Me
Near Me refers to services or professionals located close to the user’s current or specified location.
Ahmedabad
Ahmedabad is a major city in Gujarat, India, known for its legal, financial, and business services.
Gujarat
Gujarat is a state in western India, known for its robust economy, legal infrastructure, and financial services.
Contact Advocate Paresh M Modi
Mobile: +91 9925002031 (Only WhatsApp sms – Timing 9 am to 9 pm)
Office Landline: +91-79-48001468 (For Appointment Only – Timing 10.30 am to 6.30 pm – On Working Days)
Email: advocatepmmodi@gmail.com
Website: www.advocatepmmodi.in
Office Address:
Office No. C/112, Supath-2 Complex, Opp. Kohinoor Plaza Hotel, Near Old Wadaj Bus Stand, Ashram Road, Ahmedabad – 380013, Gujarat, India.
આરબીઆઈના માર્ગદર્શિકા અનુસાર હાઉસિંગ લોનની વસૂલાત માટે રિકવરી એજન્ટ્સની માર્ગદર્શિકા:
રિઝર્વ બેંક ઓફ ઈન્ડિયા (RBI) એ લોન વસૂલાતના સમયે રિકવરી એજન્ટ્સ માટે કેટલીક ચોક્કસ માર્ગદર્શિકા જારી કરી છે, જેનો ઉદ્દેશ્ય બોરોઅર્સને કાયદેસર અને ન્યાયસંગત વ્યવહારની ખાતરી આપવાનો છે. આ માર્ગદર્શિકા નીચે મુજબ છે:
આરબીઆઈના માર્ગદર્શિકા અનુસાર હાઉસિંગ લોનની વસૂલાત માટે રિકવરી એજન્ટ્સની માર્ગદર્શિકા:
રિઝર્વ બેંક ઓફ ઈન્ડિયા (RBI) એ લોન વસૂલાતના સમયે રિકવરી એજન્ટ્સ માટે કેટલીક ચોક્કસ માર્ગદર્શિકા જારી કરી છે, જેનો ઉદ્દેશ્ય બોરોઅર્સને કાયદેસર અને ન્યાયસંગત વ્યવહારની ખાતરી આપવાનો છે. આ માર્ગદર્શિકા નીચે મુજબ છે:
- રિકવરી એજન્ટ્સની નિયુક્તિ:
– બેન્કો એ ખાતરી કરવી જોઈએ કે રિકવરી એજન્ટ્સ યોગ્ય રીતે તાલીમ લઇને લોન વસૂલાત કરવા માટે સક્ષમ છે.
– દરેક રિકવરી એજન્ટને એક કોન્ડક્ટ કોડ (આચાર સંહિતા)નું પાલન કરવું ફરજિયાત છે, જે તેમના વ્યવહાર અને પ્રક્રિયાઓને સ્પષ્ટ કરે છે.
– રિકવરી એજન્ટ્સ વ્યવસાયિક અને શિસ્તબદ્ધ રીતે કામ કરે તેની ખાતરી બેન્ક દ્વારા કરવી આવશ્યક છે.
- કૉલ અને મુલાકાત માટે યોગ્ય સમય:
– રિકવરી એજન્ટ્સ માત્ર સવારે 8:00 AM થી 7:00 PM વચ્ચે જ બોરોઅરને સંપર્ક કરી શકે છે, જો બોરોઅર ભિન્ન સમયે સંપર્ક કરવા માટે સંમતિ આપે તો જ સમય બદલવો.
– અનાવશ્યક રીતે વારંવાર કૉલ કરવા કે બોરોઅર અને તેના પરિવારના સભ્યોને પરેશાન કરવાનો પ્રયાસ ન કરવો.
- સ્વતંત્ર ઓળખપત્ર:
– રિકવરી એજન્ટ્સે બેન્ક દ્વારા જારી કરાયેલ માન્ય ઓળખપત્ર અને સંસ્થાની લેખિત પરવાનગી સાથે જ બોરોઅરનો સંપર્ક કરવો જોઈએ.
– તેઓ પાસે બેન્ક દ્વારા જારી કરેલ લેખિત પત્ર હોવો જરૂરી છે, જેમાં લોનની વિગતો અને મુલાકાતનો હેતુ દર્શાવવામાં આવે છે.
- ન્યાયસંગત વ્યવહાર:
– બેન્કો અને રિકવરી એજન્ટ્સ બોરોઅર સાથે ન્યાયસંગત રીતે વ્યવહાર કરે, તેઓ દાદાગીરી અથવા દબાણના કોઈ અનિચ્છનિય રીતે લોન વસૂલી ન કરે.
– બોરોઅરને મૂંઝવણમાં મૂકવી અથવા તેમને ખોટી ધમકીઓ આપવી કડક ના છે.
- તકરાર નિવારણ પ્રણાલી:
– બેન્કોએ બોરોઅરના રિકવરી પ્રક્રિયાના સમયે થતી પરેશાનીઓ માટે અસરકારક તકરાર નિવારણ પ્રક્રિયા સ્થાપિત કરવી જોઈએ.
– જો બોરોઅરને કોઈ ફરિયાદ હોય તો તે ઝડપી અને યોગ્ય રીતે ઉકેલવી.
- કાનૂની પ્રક્રીયાનો અમલ:
– રિકવરી એજન્ટ્સે બોરોઅર સામે કોઇ પણ પ્રકારની કાયદેસર કાર્યવાહી કરતાં પેલાને કોર્ટના આદેશોનું પાલન કરવું પડશે.
– બેન્કોએ એ ખાતરી કરવી જોઈએ કે રિકવરી પ્રક્રિયા તમામ કાયદાકીય નિયમો અનુસાર થઇ રહી છે, જેમાં SARFAESI Act અને અન્ય કાયદા પણ સમાવિષ્ટ છે.
- સંવાદ પ્રોટોકોલ:
– રિકવરી એજન્ટ્સ બોરોઅરની માહિતીની ગોપનીયતા જાળવે અને તે માત્ર અધિકૃત વ્યક્તિઓ સાથે જ શેર કરે.
– લોનની પુનઃવસૂલાત પહેલાં બોરોઅરને પૂરતો સમય અને જાણ આપવામાં આવે.
આ માર્ગદર્શિકાઓનો ઉદ્દેશ્ય એ છે કે લોન વસૂલાત યોગ્ય અને ન્યાયસંગત રીતે કરવામાં આવે અને બોરોઅરને કોઈ પણ જાતની તકલીફ ન થાય.
