Opinion - Letters to the Editor   

Recovery agents

This refers to media reports on strong-arm tactics adopted by multinational banks' recovery agents. On the one hand, banks engage agents to aggressively sell loans. They cajole, tempt and push the customers into taking the loans, offering tantalising gifts. These agents have to achieve stiff targets and hence rush through the documentation, making it easy for anyone with a bank passbook and ration card to get a loan.

The other side of the coin is of customers who take loans that are beyond their repayment capacity and slip down as defaulters. Enter `recovery agents' who have time-bound targets and are free to use any method as long as they recover the money. The banks are left with bad advances, and used vehicles/white goods. In the end, both the lender and the borrower get what they deserve.

Veda Iyer,
Chennai

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