Woman approaches RBI over harassment by finance firm

BENGALURU: A woman has approached the Reserve Bank of India (RBI) over harassment by a finance firm. Although she paid monthly installments on her loan and promised to repay the remaining amount in one go, the small‑scale finance company has remained adamant, she alleged.

Th finance company gave Ramadevi a loan of Rs 23 lakh after taking her property deed as collateral four years ago to start a business. After taking the loan and paying installments month after month, though she said she would give the remaining money in one lump sum, the finance has been obstinate, she claimed.

Since taking the loan, she has been paying about Rs 31,000 per month for the past three years. Thinking that it would better to close the loan at on go, rather than keep paying monthly installments to the private finance company, she arranged to take over the loan by a cooperative bank.

However, the finance company has been dragging its feet every month for the past year saying they will transfer the loan. Having no other recourse, Ramadevi filed a complaint with the RBI against the finance company, saying it is harassing them. “Even though we are ready to settle the loan in one go, they are not cooperating”, she complained.