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HongKong Bank(HSBC INDIA): The prime example of perverse Banking

New Delhi,the capital of India, was recently under the grip of fear from the Biker’s gang.The dreaded gang used to shot dead anyone who refused to part with his belonging.After intense public pressure the Police arrested some criminals who were residing in an outskirt village, posing as Bank’s recovery agents.Imagine the plight of people,whom premise they would be visiting to recover Bank’s dues.
The business of “Recovery agency”is absolutely under control of dreaded Mafia in Delhi.The front person who apply for the licence is generally a person with no criminal background.But the real operations are conducted by criminals.They barge into customers house,beat the family up and part away with the valuables in broad daylight.Bank provide them legal support and this is far too an easy method to earn quick bucks for them.There are hundreds of recovery agency in Delhi itself and Banks use them rotationally.Many people have been killed by these goons and despite public outcry they function with impunity.
The might of Banks are behind these Goons and there are dozens of lawyers on Bank’s panel to secure their bail exploiting the loophole in the system.Reserve Bank Of India,the Banking regulatory authority of India and the apex Court of India have been warning these Banks and have fined various Banks for this barbaric practices but these banks are law unto themselves.These are mostly private banks and they have little regard for any kind of ethics and they fear none, absolutely.HongKong (HSBC INDIA)is the prime example of perverse Banking and employs these criminals to brutally assault its customer.Can HSBC indulge in this kind of barbaric practice in Europe or USA?
Reserve Bank has stipulated some stringent rules regarding Recovery agency but these are not followed.Bankers call that criminal act as their “persuasive tactics”.Very few can stand up against the might of these Banks so these Banks are not ready to listen to even the Supreme Court Of India.The situation has worsened so far that the Court have directed the police to Lodge complain against the CEO of the concerned bank whose agent is found in this criminal act.
The court had to give this kind of verdict after thousands of farmer committed suicide in the Vidarbh region of India.Most of these were poor farmers and had taken loan from various agencies.Unfortunately the crop failed and in order to save himself from the humiliation there was dozens of suicide every day.The situation became such grim that the central government had to step in and there was special package for these hapless victims.
These were subsequently turned into a massive Central Scheme and the government waived off more than 15 billion dollars of farmers loan.
But the people living in cities are not so fortunate.Here these criminals are protected by Banks top executives.A few days back a Police case has been registered against HSBC INDIA and its CEO.As per the Police one person named in that F.I.R is wanted for various heinous crimes.
The menace is only growing and unless the CEO of the concerned banks are made accountable for this criminal act and are arrested and put behind bars,they won’t stop this barbaric practices ,ever.Wearing a tie and suit and speaking English with Oxfordish accent does not make them civilised.They will have to behave like civilised people shunning their barbaric impulses. They must be told that they can not take law into their hands,directly or clandestinely without the prior permission of authorities.

by Ashok K.Jha at 2008-08-30 11:18:48 UTC (ed. Aug 30 2008 ) New Delhi , India | Bookmark | | Report spam→

This recovery agency is a menace in Kolkata also. I have read some reports in local news papers regarding this though I think it was not particularly about HSBC.

by [former member] | 30 Aug 2008 15:08 | Kolkata, India | | Report spam→

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Ashok K.Jha, Journalist Ashok K.Jha
New Delhi , India ( DEL )


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