MLA Siddharth Shirole Writes to FM Nirmala Sitharaman, CM Uddhav Thackerey Regarding Physical Intimidation and Harassment By Bank Recovery Agents

Siddharth Shirole
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Pune September 25, 2020: It has been over six months since the Coronavirus pandemic brought the country, economy, large and small business to a grinding halt. Citizens have suffered financial loses, many have lost their jobs and other sources of income during this unprecedented time. In such time of financial crisis, the RBI & Central Government intervened and gave millions of Indians an opportunity to avail moratorium facilities on their loans and credit lines, thus providing a much-needed breathing space for the first few months of the lockdown.

“Unfortunately, there are still many citizens, who are finding it difficult to generate sufficient income to pay off their EMI’s & Loans. Although I respect and understand the need of Banks and Financial Institutions to recover their loans and thus enforce provisions present in their contracts, I am distressed by the numerous complaints of aggressive tactics used by banks for their recovery. Citizens from across Pune have approached me over the past few weeks, sharing stories of banks sending physically intimidating recovery agents to their homes, threatening their families and extorting money under threat of violence”, says MLA Siddharth Shirole.

He further added, “In these are unprecedented times, one of those rare times where every business has suffered, every industry is in loss and every citizen is facing a financial crisis. Together, we all working in harmony can and will get the society back to normalcy, but till such time we as representatives of the citizens should ensure that the lenders/banks extend empathy towards their borrowers, and most certainly punish them for using physical intimidation and mental harassment as a tactic for financial recovery.”

MLA Shirole in his letter to the Finance Minister Nirmala Sitharaman and Chief Minister Udhav Thackereyhas requested to direct banks and financial institutions to immediately put an end to the ‘recovery agent’ methodology and also direct the Police Department to urgently take action against the perpetrators, and also the bank managers ordering such unlawful activities.