#01: Loan Recovery in Lockdown (Janta now expects Dream of “Sabka Saath Sabka Vikas” to be delivered)

Covid-19 Crisis, pandemic and the global health emergency, which hit the lives of people across the world, now with its spread in India making people helpless and expecting the dream with which they voted BJP into power with clear mandate in 2014 and again in 2019. The pandemic has upturned the lives of people, with country in lockdown over 50 days and people losing their jobs, businesses and with the uncertainty and hope; they are looking forward for the relief, immediate and long term from the Government.

With whole country is watching and sharing the heartbreaking photographs of Migrant Workers on Roads desperate to reach their villages, Hash Tag Campaign (#operationhaftavasooli and #loanmafia) by Group of People on Twitter who are facing the loan recovery threats and calls despite of 3 months EMI moratorium, Posts on Social Media for waiver on Rent, EMI, Electricity Bills or School Fees – Country now look forward with hopes toward Government and Modi. Actions speak louder than Words, and the country is now waiting to see the firm action by the Government, as it is now clear to people too that the fight against corona is going to be longer.

Recent one week was a restless week for me to see every second news update or a social media post indicates that there were lot of expectations people hold with the Government amidst Corona Crisis and Economy Fallout. On one end the graph of Covid-19 Contamination Cases is increasing while on other end the financial uncertainties are keeping people puzzled on what’s next. Announcements of Policy, Relief Package or Reform and its Effective Implementation both needs to be taken care of.

#OperationHaftaVasooli | #LoanMafia on Twitter Explained

The Campaign and Hash Tag was initially used by Zee Business to expose Loan Lending Companies and Loan Recovery Agencies and soon it became the voice of all the people who are being threatened, abused, blackmailed or pressurized for payments

While acknowledging the Covid Crisis as healthcare emergency, socio-economic upliftment also can’t be skipped but taking up one issue in this article at a time, let’s talk and summarize the issues, concerns and points towards Loan Recovery and EMI Moratorium.

• Will RBI extend Home, Personal Loan EMI moratorium?
• After checking on Twitter the Posts and Updates over their concerns and issues with Loan Apps or Loan Recovery Agents, by the Loan Customers, it actually raises a disbelief, whether the actual relief was passed on to customers of the 3 Month EMI moratorium as announced by RBI during lockdown or the corona crisis, financial crisis being faced by people in lockdown and lack of check/control on Loan Apps/Lending Agencies actually made the whole purpose of EMI moratorium going into vain?
• What about Rate of Interest Relief to the Loan Customers as in case any customer lost the job or no source of income due to lockdown, things may not be immediately normal after lockdown and the interest keeps on accumulating on their principal amounts which in any case going to add burdens to them – Today or Tomorrow
• Are the Loan Apps actually free to charge any rate of interest, late fees or penalties from the customer without any regulatory body to decide and standardize the charges
• Incidents, Claims and Quotes of Loan Recovery Threats and Pressures, which are being acknowledged and shared on Twitter by #operationhaftavasooli and #loanmafia, creating such pressure on customers by the Loan Apps and Recovery Agencies indicates that these several loan apps and companies might be taking it as opportunity to collect late charges and penalties and therefore creating pressures on the customers. What policy or control procedures Government proposed to check and acknowledge this issue
• Loan Apps while install asks for Install Permissions which includes Contact, Phonebook, and User Location etc. They may claim that these permissions are essential and required for proper functioning of the application. But incidents of Loan Recovery Threats and Blackmail Incidents with the Loan Recovery Agents contacting the Contacts of the customer in case of Delays or Non-Payments tell a different story. This clearly confirms that such applications actually extract the Contacts or Phone Book or other Private Information from users which actually is used for loan recovery process. Data safety and Privacy of customer is at risk in this case and the concern and issue is not just restricted to the agents approaching contacts of loan customer for the recovery, this also opens the doors for more serious cybercrimes in future, phishing, spoofing or hacking.

There are several other issues shared by loan customers who are being harassed for Loan Recovery, which can be checked out on Twitter with Hash Tag Operation Hafta Vasooli and Loan Mafia, and in most of the tags these panicked and harassed users are tagging app possible hope profiles (PMO, Prime Minister, Politicians and Police) but how come they are not still being noticed and acknowledged by anyone. Loan Applications and Money Lending Agencies must call for a Customer-Company Interactive Meet up to Solve and Sort the Issue and Setup Loan Counseling Helplines to help and support their customers in crisis and not threaten.

Is Someone Listening?
Lockdown for Jobs & Business
but Loan EMI / Loan Interest is On