Legal Question in Banking Law in Indiana
non payment of emi
EMI i could not pay on time cheque getting bounze but end of the month paying without fail, but during this time recovery boys are troubling in front of my home. for this case what is the recovery boys rigts, what to do for them, pls send me the law about, thz
3 Answers from Attorneys
Re: non payment of emi
You can complain to Reserve Bank of India. Send a representation to the chief executive of the Bank concerned about the harassment. If u do not get relief, complaint to Banking Ombudsman of your Region.
Re: non payment of emi
No "recovery boy" can touch you as per law. If after check bouncing, you made the payment, your liabiity is over.
If anyone troubles you, please lodge a complaint with the police.
Recently, the Supreme Court of India has condemned the "recovery boy" system.
You do not have to worry about anything so long you are in a position to make the payment, even if you are late sometimes. At the worst, you may have to pay some interest on delayed payment.
Re: non payment of emi
File a police complaint
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