Financial institutions are not allowed to use thugs or recovery agents to forcibly confiscate vehicles from loan defaulters: The Patna High Court.

The Patna High Court ruled that banks and non-banking financing businesses may not utilize recovery agents to forcibly confiscate the cars of borrowers who had fallen behind on their auto loans. According to the high court, guilty banks and other lenders would be subject to a Rs 50,000 punishment.  [1] Read more…