Wednesday 11 June, 2008

RBI to meet foreign bank chiefs on card grievances

The Reserve Bank of India (RBI) is slated to meet chief executive officers of various foreign banks next week to discuss customer grievances on credit cards. It has also agreed to induct representatives of the All India Credit Card Users Welfare Association in the working group constituted by it for forming regulatory mechanism for the credit cards industry.

Members of the All India Credit Card Users Association staged a demonstration before RBI’s head office here on Monday to protest against the fact that its working group while unveiling the report on credit card regulations on April 25 had overlooked some crucial aspects.

Vijay Kamble, president, All India Credit Card Users Welfare Association, said, “We have appraised Usha Thorat, executive director, RBI, of the problems faced by customers due to practices adopted by foreign banks such as an exorbitant rate of interest, lack of clarity and unscrupulous means of recovery.”

Even as Ms Thorat remained silent on the grievances presented by the association, RBI will meet concerned parties next week, he added. In this regard, the association had also met agriculture minister Sharad Pawar, who has agreed to arrange a meeting between its members and finance minister P Chidambaram by May end.

Some of RBI’s working group recommendations were payment of penalty to the recipient of unsolicited cards in case the card was activated without the latter’s approval, code of conduct for direct sales agents (DSAs), a do-not-call registry website to be maintained by Indian Banks’ Association, sending the most important terms and conditions (MITCs) and authorising the banking ombudsman to redress customer grievances relating to the card business

1 comment:

sandhya_rani_hyd@yahoo.com said...

What shall i do to save life of my family from foreign debt collector in india, hyderabad?
Dear Someone, please help me. This is Sandhya from hyderabad, my husband Venu gopal, actually took some personal loan with two banks while he was working in Abu Dhabi,UAE. one with Citi Bank, and other with Emirates Bank. this happened in the year 2008, when economy was on boom and banks forcefully offered personal loan of 16lakhs to my husband, the same amount he invested in Abu Dhabi for real estate business..... from the year 2009 recession started and he suffered very very very heavy loss in the business.... and finally we lost everything..... till the year 2009 he paid very promptly the monthly emi's towards the loan to this bank... later in late 2009 he lost his job as the company in which he was working closed down.... with a great difficulty he managed to come back to india, as banks there in Abu dhabi dont want to know any reason for his non payment of Emi's and was constantly tourchering him Mentally and troubling him to the extreme extent to pay back. and when he arrived he was crying and telling me that after several weeks he is able to breath freely and that day after several weeks he ate something, as his stay in Abu Dhabi was worst that of Wild animals and he was under EXTREME MENTAL AND PHYSICAL DIFFICULTY CAUSED BY THESE BANKS. now after coming back, the real problem started... those two banks who offered loan to my husband has appointed local recovery agents here in hyderabad.... every day these agents call and trouble us atleast 12-15 times a day by phone call and uses all types of black mail. also almost every alternate day there recovery agent comes to our house and make a big Tamasha in front of our house..... We said him very clearly that today we dont have a penny to pay them, but they dont bother and just want money.... Condition is sooooooo bad that my husband is now lost his hope and now he always stays in Greatest Depression and always tells me that he wants to commit suicide.... as what we earn here in india is hardly enough for us to feed ourself, how can we pay the bank loans, which we have taken in Abu Dhbai.... we also told this recovery agents that look our monthly income is hardly 7-8thousand, from this we can spare about 800 to 1000 rupees per month. we told them pls accept this money every month till their due is finally re paid. This people are making more problems to us saying that our loan outstanding interest itself is more than Rs.6000 per month and he says what shall he do with rs. 1000 if the only interest being added to our dues is more than Rs.6000. We told than that we will go to court and approach police, but some people advised us that if we approach police or go to court, the banks in Abu Dhabi will issue interpole warrant and they will arrest my husband from india and take him to Abu Dhbai so that they can put him in jail, and if interpole come to arrest even india cannot do anything. Please somebody suggest us what shall we do in this situation... life has become worst than hell for us in our own country. please i beg someone kindly give some urgent advice. my email id is sandhya_rani_hyd@yahoo.com