The council for fair business practices (CFBP), which has demanded the ban on recovery agents with immediate effect, has received 35 complaints from consumers against various companies including financial institutions and insurance firms so far this year. Out of them, the organisation has already resolved 14 complaints successfully, informed the CFBP president, Dinesh T Parekh, while briefing the media on the eve of a seminar on recovery agents to be held by CFBP on November 28 in Mumbai, said, ?Out of the 35 complaints received by us, two are relating to the non-settlement of claims by life insurance companies like Oriental Insurance Company and ICICI Lombard while one was relating to non-refund of deposits?. Parekh stressed that the Supreme Court judgment given on the topic was often misinterpreted by the banks and police as well. He mentioned, ?We are for such a recovery process which is legalised and civilised?. Some of the other topics that are likely to be taken up by CFBP in future include spurious drugs, adulteration of fuel and others. Parekh informed that Union Ministry of Consumer Affairs has agreed to provide a fund of Rs 50 lakh to CFBP for upgradation of our laboratory that we have set up in joint venture with SNDT University to see if there was any kind of adulteration in the food and other items being supplied by different companies.
Ban recovery agents: CFBP
The council for fair business practices, which has demanded the ban on recovery agents with immediate effect, has received 35 complaints from consumers against various companies including financial institutions and insurance firms so far this year.
Written by Banking Bureau
This article was first uploaded on November twenty-two, twenty seven, at zero minutes past twelve in the am.
