“Living a ‘creditable’ life”

For example, the forcible repossession of a vehicle (Citicorp Maruti Finance Ltd. versus Vijayalaxmi case) in 2005, motivated the Delhi Consumer Commission to categorically pass a judgement that “no finance company or bank, having financed a vehicle, has the right to take possession of the vehicle forcibly using muscle-men as a recovery squad.” Another recent instance was the case against ICICI Bank’s CEO K. V. Kamath and seven other officers for the scurrilous ways in which they muscled the life out of Praveen Deshmukh in its quest to repossess a motor vehicle.

At this point, it is natural that one would put a finger on the role of RBI. However, in this context, the RBI has laid down rules as to how lenders (banks and other Financial Institutions) should conduct themselves.

For Complete IIPM Article, Click on IIPM Article

Source : IIPM Editorial, 2006

An IIPM and Management Guru Prof. Arindam Chaudhuri's Initiative

Read more:-

· My Blog
· IIPM News
· IIPM : IIPM Links
· IIPM: More about IIPM
· IIPM Alliances - IIPM - by RAVI
· IIPM PUBLICATION