SHRF demands measures for protection of borrowers

Central Chronicle News
Bhilai, Feb 24: The office bearers of Swadesh Human Right Federation (SHRF) have demanded from the government to introduce measures for protection of the rights of the debtors / borrowers of bank loans against property. Addressing media persons here at Supela on Tuesday, SHRF State President Motilal Chawla (Chhotu), State General Secretary Manoj Thakre and Rashtriya Swabhimaan Aandolan National General Secretary Satish Tripathi cited the cases of the victims Vinay Agrawal, Gayatri Dhote, Deepak Chunpuriya and others who suffered due to malpractices on the part of bank officials and the loan recovery agents.
They alleged that the bank officials in nexus with the land sharks are selling out the mortgaged property on very low prices. The debtors who had mortgaged their property for loans are suffering mental pains and monetary loss due to such unfair practices. They further alleged that the bank officials are indulged in corrupt practices for their personal gains which they get as commission from the land sharks and real estate brokers. Incorrect valuation of the mortgaged property has been done in several cases to benefit the land sharks, they alleged.
They stated that by selling the mortgaged property at low rates, they cause revenue loss to the government in the form of Stamp Duty as well as Income Tax. For safe guarding the rights of the debtors / borrowers, they demanded that the valuation of the property should be conducted in presence of the owner / debtor so that transparency could be ensured in NPA cases.
Workshops should be conducted for bringing awareness about related rules and laws. The loan agreement signed between the debtor and the bank should be available in Hindi also and further the copy of loan agreement should be provided to the debtor immediately after signing the documents. The bank must conduct a meeting with the debtor before selling out the mortgaged property. The bank must provide all the documents of property’s e-auction to the debtor. Measure must be taken to prevent the misuse of section 13/4 of the Banking Act.
They further stated that the private firms hired as recovery agents often harass and misbehave with the borrowers. Measures must be taken to avoid such unpleasant situations. SHRF office bearers Kishore Kannoje, Yogesh Sahare, Neeta Chaurasiya and others were present.

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