HYDERABAD: All borrowers, whether wronged or not, should know about the Banking Codes and Standards Board of India which has begun its operations from July 3, representatives of The Borrowers Welfare Association said on Monday.
The Board was set up by the Reserve Bank of India (RBI) to ensure adherence to comprehensive code of conduct by banks towards fair treatment to customers.
A Bangalore-based Non-Governmental Organisation working on borrowers’ rights, the Borrowers’ Welfare Association is offering to protect the interests of bank customers by filing public interest litigations, saving them from hefty court fee and apprising them of their rights and lenders’ responsibilities, M.M.Kini, founder-president of the Association, said here in a press conference.
The Association would also arbitrate between the banks and the borrowers to settle any issue amicably, he said.
However, the complainant has to pay Rs.3,000 and obtain membership of the association for any legal help. They had taken various initiatives to protect the interests of borrowers such as filing a public interest litigation in the Karnataka High Court, challenging the fee structure of the Debt Recovery Tribunal, etc.
G.Ramakrishna, general secretary of the association’s local chapter, said they can be reached at email@example.com or on phones: 040-64577645 or 09848444589.