Thread by @SidShirole

Citizens from across #Pune have approached me over the past few weeks, sharing stories of banks & financial institutions sending physically intimidating recovery agents to their homes, threatening their families and extorting money due as EMI's under threat of violence. (1/n)

The RBI & Central Government intervened and gave millions of Indians an opportunity to avail moratorium during the first few months of #LockDown
Unfortunately, there are still many citizens, who are finding it difficult to generate sufficient income to pay their Loan EMI’s (2/n)

Although I respect and understand the need of Banks and Financial Institutions to recover their loans and thus enforce provisions present in their contracts, I am distressed by the numerous complaints of aggressive tactics used by banks for their loan recovery. (3/n)

These are unprecedented times, one of those rare times where every business has suffered, every industry is in loss and every citizen is facing a financial crisis. Together, we all working in harmony can and will get the society back to normalcy, but... (4/n)

But till such time we as representatives of the citizens should ensure that the lenders / banks extend empathy towards their borrowers, and most certainly punish the banks for using physical intimidation and mental harassment as a tactic for financial recovery. (5/n)

I have written to Hon FM. @nsitharaman ji & Hon. CM @OfficeofUT ji requesting them to direct banks to immediately put an end to ‘recovery agent’ methodology & also direct Police to urgently take action against perpetrators, & also bank managers ordering such unlawful acts. (6/6)