“The RBI can consider banning the bank concerned from engaging recovery agents in a particular area for a specified period,” Union Minister of State for Finance Anurag Thakur said
NO BANK has the power to employ bouncers for forceful recovery of loans from customers, Union Minister of State for Finance Anurag Thakur said in the Lok Sabha on Monday. Singh also said there is a clear directive of the Reserve Bank of India (RBI) to appoint recovery agents only after proper police verification and fulfilling other relevant formalities.
“No one has any power to appoint any musclemen or bouncers for recovery of loans forcefully,” he said during the Question Hour. Thakur said the RBI has issued ‘Guidelines on Fair Practices Code for Lenders’ which are required to be adopted by banks, duly approved by their Board. “The said circular prohibits lenders from resorting to undue harassment in recovering loans, viz., persistently bothering borrowers at odd hours, use of muscle power for recovery of loans etc,” he said. The minister said with regard to complaints, the RBI has informed that complaints received by it regarding violation of the said guidelines and abusive practices followed by banks’ recovery agents are viewed seriously. “In such cases, the RBI can consider banning the bank concerned from engaging recovery agents in a particular area for a specified period.
Private schools mandated to admit 15 pc students from weaker sections ALL private and special category schools are mandated to admit in Class I or below at least 25 per cent students belonging to weaker sections and disadvantaged groups, Union HRD Minister Ramesh Pokhriyal ‘Nishank’ said in the Lok Sabha on Monday. Pokhriyal said the Right of Children to Free and Compulsory Education Act came into effect from April 1, 2010 and the Act makes elementary education a fundamental right of all children in the age group of 6-14 years.
“Section 12 of the Act mandates all private aided, Special Category schools and private unaided schools to admit in Class 1 or below to the extent of at least 25 per cent of the strength of that class, children belonging to weaker sections and disadvantaged groups and provide free and compulsory education till its completion,” he said.
‘Taken serious note of assault on forest official’ THE Government on Monday said in the Rajya Sabha that it has taken a serious note of the assault on a forest department official in Telangana and will do whatever possible as a regulator. Environment Minister Prakash Javadekar said that such incidents cannot be tolerated. “We are taking it seriously because this cannot be tolerated. We, as a regulator, will do whatever possible,” Javadekar said.
‘Reports on high unemployment rate misleading’ UNION Minister Santosh Kumar Gangwar on Monday said that reports about high unemployment rate in the country are misleading and asserted that employment generation is the priority of the Government. Amid concerns in various quarters about reports on rising unemployment, the Minister of State for Labour and Employment told the Lok Sabha that he was ready for a discussion on the employment situation in the country. He also said the Government is looking into the issue of unemployment and would be coming out with a report.
During the Question Hour, Congress member Adoor Prakash said that unemployment rate in the country was high and asked whether the Government has any master plan in place to generate more jobs in every sector of the economy. In response, Gangwar said reports about high unemployment rate are not fully true, eliciting protests from Opposition members. Referring to the reports, the Minister said they are “brahmak (misleading) baat hai”. “Employment generation coupled with improving employability is the priority of the Government,” he said. For the 2018-19 period, under the PM’s Employment Generation Programme (PMEGP), jobs were generated for 5,86,728 people as on March 1, 2019, according to data provided in a written reply.