[Resolved]  HDFC Bank Bank Credit Card — Terrorising Calls from Recovery Agents

I COMPLETELY AGREE with the complainant. It appears that RBI consitituted under a special act, has been reduced to a toothless and clawless tiger atleast in the eyes of the banks it grants licence to conduct banking business in India. Apparently there is little control that RBI exercises over banks apart from the compliance requirments like maintenance of CRR, credit to special sectors, etc, there is however opaque evidence to suggest that RBI has done or is doing to protect the fundamental rights of citizens (read banking consumers) in India. I feel that a really vast majority (atleast more than the percentage who vote to elect the governemnts in India) of individuals in India are law abiding citizens. In fact the success of English doctrine of 'Rule of Law' has been due to 'abiding nature' of Indian citizens. Just an example in these financially turbulent times, Is it possible for crises like Subprime and the latest banking business collapse in US, to occur in India? The answer is flat 'NO' because of the vigilant eyes of the RBI to ensure compliance by the banks as to regulatory provisions-Part-I; Part-II is that Indian citizens would never think to re-securitise the assets to secure loans multiple number of times and that too at such a scale and in an organised manner!

There DEFINITELY is a tilt of power towards consumers in the west viz-a-viz banking hegemony v/s. fundamental rights of citizens. We can see that not only consumers brought down the banks but initial reports adduce sufficient evidence that there has been a multiplicity of securitisation of assets to secure loans from banks. But banks there never used 'recovery agents' to overrule fundamental rights of citizens, judicial process and 'Rule of THE Law' to correct their balance sheets. I wonder as to why then in India the banking companies are exercising powers which even the State of India can exercise during EMERGENCY and that too after exercising due process of law. Making threatening calls, sending recovery agents, using foul language is definitely violation of fundamental right to live and live with dignity(Article 21). It shall be noted here that fundamental right under Article 19 is also affected as citizens live under the fear of vulgar and uncivilised oratory of banking staff and recovery agents. The expression of an individual is affected (remember heart attacks cases and cardiac malfunction (this posting))!

Like there is the rule of law for citizens so is it for 'fictitious' creatures of law. But banking companies never resort to the judicial process of going to Debt Recovery Tribunal, filing of civil suits for recovery under Insolvency Act etc. They say it is a long procedure to recover through this 'judicial process' and hence the adoption of strong arms tactics. In that case it the failure of the heads of these big banking conglomerates to visualize the banking business scenario in India. If it is so, then they must be fired or simply banks can go packing their business from India (there is separate chapter on winding-up under The Companies Act, 1956). They must remember that we Indians are no longer ruled and do not intend to be ruled by any Company as in the past. We have a Constitution and faith in it. If these banking companies don't want to respect provisions contained in our Constitution, then 'go packing', Indian citizens don't care. Just because we are law abiding citizens doesn't create any right in favor of banking companies' to abuse our constitutional rights. It is a TAKE & GIVE (strictly in that order) situation under principle of EQUITY. There are no shortcuts. The judicial process is same for fictitious and natural persons and in case of conflict of rights, the rights of citizens shall prevail over creatures of law whose sole intention is to earn profit sans EQUITY.

It is a sad state of affairs that while in these matters of repayment of loans, the natural persons i.e.; the citizens are stripped of their fundamental rights ensured under constitution, the corporates (corporations, companies and corporates!) who are creatures of law and have fictitious status are getting away with the law. Agreed, that living is getting tough and it is a DOG EAT DOG situation everywhere but when it comes to comply with the law against recovery of loans from individuals and corporates it is DOG EAT CIVILIZED CITIZENS in former case and DOG LICKS DOG'S (?) in the latter case.
India is in great need of guidelines to ensure that banking companies do not over regulate (lest overrule) the fundamental rights of citizens guaranteed under consititution. RBI is one institution that has in the past and I believe like any other citizen that it CAN regulate the excessive force used by banks to recover debts. There is need to look with the angle of banking consumer rights and cultural background of India. There are people who would siegh with joy and reliefe on learning someday that RBI cancelled or suspended the licence of some powerful and/or MNC banking company on grounds of harassing consumers. That day it will be a little victory in the battle of citizens v/s banking companies, which again is 'Only one little part' of much larger war to secure DEMOCRACY in India.

I have been CC for more than two years.
I closed my credit acct.
Regarding this i got final settlement letter and i agreed to pay for that.
First cheque cleared then the collection agency never change to second cheq date to next month i insist me to pay the second installment on that month itself.
Regarding this, i contacted manger in HDFC Collection Mrs. Sadhana.
She told me that she will give the second letter very soon
Later she didn't contact and no more contact then
A month before i personally went to collection dept and discuss with the collection agency.
After that also they never contact me.
One day i went to shopping, i shocked, my saving account kept in hold.
After enquiry with HDFC customer dept, i came to know that account was kept in hold because of Credit card - non payment.

My Home loan due was not dispersed because of this.

I

Yes HDFC leaves no stone unturned. I have a 6 year old card and never failed to miss payment. But due to some circumstances one payment was skipped.
My payment was delayed and in all the calls and emails that they had send I clearly mentioned a date as to when I will make the payment and that was in a span to 10 days. But god give them some patience. Atleast they should know how to differentiate between a genuine customer and a fraud.