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IE : Police to issue directions on loan recovery agents : Sept 21 ,2007 Police to issue directions on loan recovery agents EXPRESS NEWS SERVICE SEPTEMBER 20 THE Mumbai Police have decided to issue directions to banks on the kind of persons they should depute for recovery of loans. This follows the recent suicide by a middle-aged man - who owed a private bank Rs 50,000-allegedly due to coercive tactics by recovery agents. "I will issue notices under Section 149 of the Criminal Procedure Code (issuing reasonable directions) to the banks in this regard and in case of any such incident, the management of the bank will be held directly responsible," said Mumbai Police Commissioner D N Jadhav today. Deputy Chief Minister R R Patil has already asked the police to investigate all the cases in which coercive tactics had been used by banks to recover loans. Four recovery agents were arrested in connection with Prakash Sarvankar's (48) suicide on September 17. Sarvankar, a resident of Andheri, had left a suicide note saying he was ending his life due to the harassment by recovery agents. Jadhav said banks will be directed to employ "desirable" people as recovery agents who do not have any criminal antecedents and who will not use coercive tactics. When asked about banks which outsource the loan recovery work, Jadhav said: "They cannot outsource the work to persons who have criminal backgrounds." The police are currently contemplating whether to have a system wherein the bank informs them of all the persons employed by them as recovery agents or to verify the records of all such people before employment, he added. Publication : IE; Section : MN; Pg : 1; Date : 21/9/07 URL : http://70.86.150.130/indianexpress/ArticleText.aspx?article=21_09_2007_521_024 |
| Also see : Banking & Insurance |
