Govt to come down heavily on banks using musclemen:FM
Concerned over spate of incidents involving use of musclemen for recovery of loans, Finance Minister P Chidambaram warned that government will come down heavily on banks resorting to uncivilised practices.
By PTI |
NEW DELHI: Concerned over spate of incidents involving use of musclemen for recovery of loans, Finance Minister P Chidambaram on Monday warned that government will come down heavily on banks resorting to "uncivilised" practices.
Replying to a debate on the Payment and Settlment Bill in the Rajya Sabha, Chidambaram said the musclemen were used by the private banks and warned that if a PSU banker was found using these tough measures, he would be "sacked next day".
The Finance Minister said the Reserve Bank has already come out with strict guidelines to curb the menace, but government will take further steps, if required.
"These musclemen are hired by the private sector banks. If a PSU bank is found using them, I will get the manager sacked the next day," he said adding there was no role for such "uncivilised measures in a civilised society".
Replying to a debate on the Payment and Settlment Bill in the Rajya Sabha, Chidambaram said the musclemen were used by the private banks and warned that if a PSU banker was found using these tough measures, he would be "sacked next day".
The Finance Minister said the Reserve Bank has already come out with strict guidelines to curb the menace, but government will take further steps, if required.
"These musclemen are hired by the private sector banks. If a PSU bank is found using them, I will get the manager sacked the next day," he said adding there was no role for such "uncivilised measures in a civilised society".
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