PMRY Loan Defaults. PMRY Loan Defaults.

5 years ago

I borrowed a loan of amount Rs 82000/- from Allahabad Bank under PMRY Scheme in the year 2008 to start a business.

I started my business in the same year but after two years of struggle to establish it, as being unable to do so, I finally shut it down, as I got involved in several types of debt.

To run the day-to-day household expenses I finally joined a private job, and hence was unable to pay back the Dues Loan of the bank.

Now, after 10 years passed, from last month from "21/06/2018" Bank has started to harrash me by sending their recovery agent's to my home and threatening me to face several consequences.

Right now I'm in a private job and not being able to save any money to pay back the loan.

What can I do about this to escape from this situation, kindly help me...

GANESH SHARMA

Responded 5 years ago

A.Did you signed any BC(Balance confirmation) after taking loan. Consult need to go through your case in detail
Helpful
Helpful
Share

Post Your Matter Post Your Matter

Talk to a Lawyer Talk to a Lawyer

Ask a question Ask a question

Vidhi Samaadhaan Vidhi Samaadhaan

Kishan Dutt Kalaskar

Responded 5 years ago

View All Answers
A.Dear Sir,
You have to get issue a legal notice as SC banned such muscle men for recoveries. Contact me for legal notice.
=========================================================================================================
The Supreme Court in a landmark judgement reiterated its earlier stand that banks cannot deploy musclemen for recovery of loans from defaulters thus forcing them to end their lives.

"We deem it appropriate to remind the banks and other financial institutions that we live in a civilised country and are governed by the rule of law," a bench comprising Justices Tarun Chatterjee and Dalveer Bhandari said.

The court while dismissing the ICICI Bank's plea refused to delete the Delhi High Court's remarks that held the bank and its musclemen responsible for abetting a youth to commit suicide by humiliating him and taking away his motorcycle financed by the largest private sector bank.

It also asked the ICICI Bank to to pay Rs 25,000 as cost of this litigation to the respondents within three weeks and directed the Delhi Police to conclude the investigation against the bank expeditiously within three months, keeping in view the gravity of the allegations.

The court also directed the concerned Deputy Commissioner of Police to submit the investigation report in the Delhi High Court.

According to the court, complaints received by Reserve Bank regarding violation of the above guidelines and adoption of abusive practices followed by banks recovery agents would be viewed seriously.

Reiterating the RBI Guidelines on Engagement of Recovery Agents, the court said, "The Reserve Bank may consider imposing a ban on a bank from engaging recovery agents in a particular area, either jurisdictional or functional, for a limited period. In case of persistent breach of above guidelines, Reserve Bank may consider extending the period of ban or the area of ban."

"RBI had expressed its concern about the number of litigations filed against the banks in the recent past for engaging recovery agents who have purportedly violated the law," Justice Bhandari, writing the verdict for the bench, stated.

RBI in a letter accompanying its April 24, 2008 Guidelines had stated that it might consider imposing a ban on a bank from engaging recovery agents in a particular area, either jurisdictional or functional, for a limited period.

ICICI Bank had moved the apex court seeking deletion of some paragraphs in the High Court order which had said that "...the proximate cause of death of the deceased that led him to commit suicide was on account of humiliation caused by the Bank people from where loan was taken by him."

"The modus-operandi employed by the banks like ICICI for realisation of their loan amount and for recovering the possession of the vehicle against which loans are given is extra legal and by no stretch of imagination they can be permitted to employ musclemen and goons for recovery of their dues even from a defaulting party," the High Court had observed.

The High Court order had come on a petition filed by Shanti Devi Sharma, the deceased's mother, seeking a probe against the ICICI bank and its staff for the unlawful action, which led to the suicide of her 34-year old son Himanshu Dev Sharma.

Sharma had committed suicide in October 2005 by hanging himself at his house after he was allegedly intimidated and humiliated in front of his neighbours and family by recovery agents employed by the bank for recovering the loan amount taken for his motorcycle.

The ICICI Bank had contended that it was within its rights to recover loans and had followed the required procedure for recov
Helpful
Helpful
Share
Placeholder image

Anonymous

Replied 5 years ago

Respect Sir,

First of all, I want to deeply thank you a lot from my heart sir for your kind and detailed reply for this issue.

I'm totally unaware about the "Terms & Conditions" of Loan Repayment under PMRY scheme.

Therefore, I want to take help of a well qualified lawyer, who has vast knowledge and know how of Banking Sector Operations and PMRY loan repayment and recovery Term's & Conditions.

So kindly help me and let me know about the " Legal Rights and Limitations" of the Bank and the Customer (Me), in details.

Thanks and Regards,

Post Your Matter Post Your Matter

Talk to a Lawyer Talk to a Lawyer

Ask a question Ask a question

Vidhi Samaadhaan Vidhi Samaadhaan

Ambrose Leo

Responded 5 years ago

A.What are the terms and limitation of repayment. on expiry of limitation bank cannot enforce.
Helpful
Helpful
Share
Placeholder image

Anonymous

Replied 5 years ago

Respect Sir,
I'm totally unaware about the "Terms & Conditions" of Loan Repayment under PMRY scheme.

Therefore, I want to take help of a well qualified lawyer, who has vast knowledge and know how of Banking Sector Operations and PMRY loan repayment and recovery Term's & Conditions.

So kindly help me and let me know about the " Legal Rights and Limitations" of the Bank and the Customer (Me), in details.

Thanks and Regards,

Post Your Matter Post Your Matter

Talk to a Lawyer Talk to a Lawyer

Ask a question Ask a question

Vidhi Samaadhaan Vidhi Samaadhaan

Johnson Thangiah

Responded 5 years ago

A.Sir,
The bank has the right to take legal remedy through courts only.If any goons or gundas threatening you kindly lodge police complaint.
Helpful
Helpful
Share
Placeholder image

Anonymous

Replied 5 years ago

Respect Sir,
I'm totally unaware about the "Terms & Conditions" of Loan Repayment under PMRY scheme.

Therefore, I want to take help of a well qualified lawyer, who has vast knowledge and know how of Banking Sector Operations and PMRY loan repayment and recovery Term's & Conditions.

So kindly help me and let me know about the " Legal Rights and Limitations" of the Bank and the Customer (Me), in details.

Also, I want to know that, Is there any "Time Limitations" for banks to recover the loan amount from borrower. Does the matter becomes "Time Lapsed" after a period of time

Kindly reply me in detail.
Thanks and Regards,

Post Your Matter Post Your Matter

Talk to a Lawyer Talk to a Lawyer

Ask a question Ask a question

Vidhi Samaadhaan Vidhi Samaadhaan

Read Related Answers

question iconLender is not available for my payment
Dear client, contact the lender through any contact information or if there is office of their. And also report the same to cibil
question iconLOAN SETTLEMENT AND ADVICE
Dear Client, A borrower is held liable personally for his or her debt for non-payment of the outstanding amount of the loan. Once the repayment of the loan stops or bounces for consecutive 3 installm...
question icontitle of a flat
Dear client, yes one can get the title from the auctioner by way of sale certificate by purchasing the flat in the auction.
question iconAbout cheating of money transfer
Dear Sir, It is better to settle the matter with the Management otherwise if Police complaint is given your friend may be put into jail and charge sheet will be filed and case will be run for 4-5 year...
question iconovercharging of rate of interest
Dear Client, In the prevailing situation, serving a legal notice to the concerned Bank, make a private complaint against the Bank to a Court of Magistrate under Sec.200 of Cr. PC. that outlines the pr...