How confusing and misleading RBI’s permitted Moratorium is for a common man! I am not talking about institutional lenders because they have always an option in hand. The common men who merely get an Rs. 30000.00 credit regularly monthly in their bank a/c, live in a 1BHK or 2BHK, having wife and children and solely dependent on the monthly paycheque to maintain the food, lodging and child education is being the prime victim of the COVID-19 pandemic. This class can’t work under “Manarega” neither can they stall a running shop. In this circumstance, the inability to pay the remaining loan balance is a shameful condition for them.
The entire scenario is just getting as equivalent to a cop-criminal story. Railways up-down, public transport up-down, air travel fluctuations, restaurants down, malls down, everything is negatively impacting the Indian’s lives. We don’t have an employment support mechanism. How much reserve does belong to a 30000 earner? Not unimaginable!
In such a trauma, EMI goons appearance to further deteriorate the livelihood of a common man; irrespective of What RBI and PMO are saying raising very serious questions:
- Do RBI and it’s associates enjoy a mutual understanding?
- Is RBI clean in its operation?
- Is RBI working by the government?
- Does proper banking mechanism exist in India?
- Do lenders in India suck common man’s hard-earned money?
- To what extent RBI have control over banks and NBFCs?
- Is RBI a victim of mean politics?
The questions are endless but one thing is very clear in terms of RBI’s moratorium that it has given a fair chance to lenders for harassing common men. As far as institutional customers are concerned, they are less troubled by controlling the extent of their business and laying off the workforce. But, an ordinary man has no option left. Neither he can go to the court nor resist the abusive actions of the lenders. Talking about the banking ombudsman for a common man is waste.
The data suggests that India is a country of low-income people. Wikipedia claims that India has a 486 million workforce among 10 million are working in private sector firms. Let’s assume that 100 million working-class are borrowers and 50 million are granted a moratorium. Now another 45 million are the worst pandemic hit and can’t pay in any case. It is evident that how many people are being harassed and tortured by the EMI goons.
It’s social unrest which is doubling the impact of the pandemic on them.
What is a word by RBI which created this social unrest?
Permitted!!!!!
This is the word that created so much confusion and unrest. And, this is vouched by non-other than the humble governor of RBI. We can also say it a double standard, in a noble term; a cause of social unrest.
This one word has given them the power to brutally recover the debts during this pandemic.
Directed!!!!! Default!!!!!
Purposely, these words were not used by the respective governor to relieve some burden on an ordinary man. The objectives might be economical, political, and intentional, one can keep on speculating.
In the absence of a clear cut message from RBI, there are types of conflicts are arising out-
- The borrower needs to apply with FI for the moratorium. In most of the cases, they didn’t inform lenders.
- One needs to apply each month for the moratorium.
- The day a borrower applies for the moratorium, its bank a/c debited for the applied month. Most of the banks don’t refund it.
- Those who availed three months moratorium are being asked by the FIs to give all the three EMIs at once.
- Petition file in SC conflicted interest warding off.
- Surprisingly, many lender’s goons are asking for EMIs even if the moratorium is availed.
- Hardly, any lending institution grants a loan without a blank cheque. They threaten to produce it in the bank and file a forgery case.
The entire scenario has been started getting worst and the RBI is the only power to regulate it. Let’s hope for the best!
“Criticism may not be agreeable, but it is necessary. It fulfills the same function as pain in the human body. It calls attention to an unhealthy state of things.”
- Winston Churchill
Comments
Post a Comment