In next 60 days, entire laws relating to 1) Dishonour of Cheques 2) And Code of Ethics may become applicable to bankers. You can mark or save this Post to see if law in these area realy changes or not. .
Three Points
1. A case is going in Supreme Court, where entire trial court procedure in cheque dishonour cases is being discussed and also moves to set up more courts for such cases, are being examined.
2. RBI has directed Association of Bankers to come up with an ethical code of conducts.
3) In past, I saw that a man in Gujarat, who had properties. Though he did not need any loans, a branch manager seduced him to take lots of loans, without examining his capacity to repay .
4. When he made defaults in paying EMI, two criminal cases were filed on him. One under Sec.138 for dishonour of a check and Second criminal case for defaults in paying EMI under one another criminal law regarding EMI defaults. The policeman who served his summons of cases, also gave him number of a Delhi lawyer, who could help him with this financial institute. The cases under Arbitration Act, under Sarfaci Act, were in queue. Soon the properties of this man were auctioned and he was ruined because of unhealthy practice of a Financial Institute which has Branches all over India. Its real profit is Bank Interests + Kickbacks from an auction sale of property of a debtor
