An NBFC in Jammu harassed me for loan repayment, what are my rights?
CH Asked by Charu Singhal from India
Quick Answer
NBFCs are regulated by the RBI and must follow fair practices as recognized under Jammu and Kashmir Rent Control Act 1966 for consumer protection.
Detailed Legal Analysis
NBFCs are regulated by the RBI and must follow fair practices as recognized under Jammu and Kashmir Rent Control Act 1966 for consumer protection. The Jammu and Kashmir High Court has held that coercive recovery tactics by NBFCs constitute deficiency and harassment.
In Jammu, you can file a consumer complaint and a complaint with the RBI ombudsman. The Jammu and Kashmir High Court has directed NBFCs to follow due process and refrain from threats or public shaming.
Under Jammu and Kashmir Rent Control Act 1966, the consumer commission can award compensation for mental agony caused by recovery agents. You should record all calls and preserve messages as evidence for your complaint in Jammu.
Disclaimer: AI-generated for educational purposes only. Does not constitute legal advice. Consult a qualified practitioner.