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Raj Thackeray’s letter to RBI Governor about the manner of debt recovery by banks, cooperatives

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Raj Thackrey writes a letter to Shaktikanta Das, the Governor of the Reserve Bank of India, regarding the manner of debt recovery by banks and NBFCs. In this, all financial institutions like banks, NBFCs, co-operatives, etc. should follow the legal procedure while recovering the debt and provide financial relief to the financially distressed transport businessmen during the crisis period. For this, such institutions should be monitored by the Reserve Bank of India and orders should be given to the concerned people in this letter by Raj Thackeray. MNS leader Kirti Kumar Shinde has shared information about this letter on Facebook.

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According to the news published in Loksatta, Raj Thackeray has written in his letter about the complaints of transport businessmen of the country about keeping watch on financial institutions like private banks, NBFCs, etc., in this letter. He further wrote that the transport sector accounts for 6.3 percent of the total income of the country. The sector generates the maximum employment after agriculture. But due to the Corona crisis, the small and big businesses of this sector and the small sectors that depend on them have been financially ruined.

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In the beginning, while making such a role in his letter, Raj Thackeray has said that the banking system of the country should find a solution on how to provide economic relief to the transport sector in the current economic conditions. While the banking system is directly exploiting the transport businessmen with extreme cruelty, such cases are coming up. That’s why I have to write a letter to you.

He has written that NBFCs should charge a maximum of 12.5 percent interest rate for vehicle loans but they are charging interest of 14 to 15 percent and some 18 percent. Therefore, action should be taken on such NBCFC.

Apart from this, all financial institutions like banks, NBFCs, co-operatives, while recovering monthly installments violate the Civil Procedure Code, Surfacies Act and Arbitration Act by taking illegal action through calling agency, repo agency, yard agency.

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