Maharashtra Navnirman Sena chief Raj Thackeray has written a letter to Reserve Bank of India (RBI) Governor Shaktikanta Das complaining that banks and Non-Banking Financial Companies (NBFCs) were harassing transporters for recovery of loans and even seizing their vehicles despite the losses they have suffered due to the Covid-19 pandemic. He asked Das to constitute a high-level committee to probe the irregularities by banks and NBFCs and take punitive action based on the findings.
“Majority of the banks and NBFCs were flouting the RBI rules regarding the disbursal and recovery of loans with regards to the transport sector. Despite the guidelines that interest on vehicle loans should not exceed 12.5 percent, many NBFCs were charging 14-15% and some even are taking 18 % interest.”
Thackeray accused the loan recovery agents of flouting laws. He cited the Covid-19 lockdown and said the transport sector was facing an unprecedented crisis.