CIBIL - WHAT is CIBIL - RBI Guidelines - Banking Laws - DR.B.N.Soans

CIBIL IS A PRIVATE BODY. CIBIL HAS NOTHING NOR IS REGISTERED UNDER RBI
CIBIL DISPLAYS DETAILS OF LOAN DEFAULTERS ON A ONESIDED BAISED BASIS ONLY LISTENINING TO THE BANKS SIDE.

CIBIL HAS TODAY BECOME A BLACKMAILING MEDIUM FOR BANKS TO EXTRACT UNDUE AMOUNTS OF CASH BY PUTTING CIBIL SCARE ONTU CONSUMERS.

CONSUMER ALERT: DONT BE SCARED OF CIBIL - WRONGFULL DISPLAY OF PUBLIC DOCUMENT CAN BE LEGALLY CHALLENGED AND CIBIL IS BEING MADE TO PAY DAMAGES FOR WRONGFULL DISPLAYS.
THUS CONSUMERS NEEDNT SUCCUMB TO CIBIL SCARES ANYMORE


Many of the Banks registered at CIBIL are private Banks.
Many a times it is noted : Even after the loan has been settled by a cleint with the bank , the banks dont update their clearance at CIBIL.
The bankers are quick to post a default on CIBIL . At times banks use CIBIL as an instrument to blackmail the loan client.

CIBIL - one sided display of ones credit worthiness on a public platform is baised and thus contempts to WRONGFULL DISPLAY OF PUBLIC DOCUMENT.

OPPORTUNITY LOSSES : INCURRED BY A LOAN CLIENT CAN BE CLAIMED BY THE LOAN CLIENT - ON CIBIL -AS CIBIL IS LIABLE TO PAY FOR SUCH LOSSES.
ALSO THE BANK WHICH NEGLIGENTLY UTILISED SERVICES OF CIBIL TO DEFAME THE CLIENT/BORROWER IS CONSIDERED TO BE ACCOMPLICE TO CRIME AND THUS LIABLE ION EQUAL BASIS.

SO BORROWERS - LOAN DEFAULTERS - DONT WORRY . THERE IS A BANKING ARBITRATORY COUNCIL WHICH LOOKS INTO ASPECTS TO ADDRESS GREVIANCE OF LOAN DEFAULTERS.
BANKERS ARE ACCOUNTABLE TO THE PERSONS WHO BORROW MONEY FROM THEM. THE BORROWER PAYS INTEREST TO THE BANK AND THUS IS THE PRINCIPLE MONEY EARNER TO THE RESPECTIVE BANK.
Banks should have patience to deal with borrowers on a one to one basis. inform the borrower the importance of paying their dues in time.
Blindly without informing the client , the banks have no business to utilise CIBIL to blackmail and defame the client. These are mean recovery tactics.
Above all: When a private banks lend money to prospective clients- borrowers they need to folow cardinal principle of banking.
Bankers are traders in money like any other trader in any other product. The banks cannot add value to money they lend to borrowers. They can genuinely charge a nominal interest -under the interest regulatons laid down by RBI AND thus earn a decent profit as interest on the loan lent.

This inset is given to all consumers- borrowers - loan applicants
by :
DR.B.N.SOANS

Banking : Finance - Vigilance

India

Dr.B.N.Soans can be contacted on : 09245201687 , 09245809644

FOR DETAILS: EMAIL YOUR QUERIES TO: alliedlawmumbai@yahoo.in

DR.B.N.Soans is an ex merchant banker and expertised in banking laws, cyber laws and :ITA Laws 200