Battle against shaha fin lease & standard chartered bank
vasugee
(Querist) 26 September 2015
This query is : Resolved
Dear Respected Judges, Law Experts, Lawyers & Other Honourable Members of this Forum,
Standard Charaterd Bank has announced that it had sold/transfered/released its entire debt dt 9/2/2010 to Shaha Fin Lease. now I have certain questions on the same
1)Customers were not informed that their personal credentials are being sold to some this NBFC
2)On June 5th 2005, there was an article in Indian express on how banks are already manipulating people to unknowingly sign away their rights. For instance, Standard Chartered Bank, it says, has sought a negative consent from its customers (the letter says ‘‘Non-receipt of any communication from your end by June 10th 2005 will be deemed as acceptance of consent and authorization’’) to share information about their account with ‘other’ parties. It claims that the consent is in accordance of a Reserve Bank circular ‘‘reference no. DBOD No. DL.BC.29/ 20.16.002/ 2002-03 directing all banks operating in India to periodically submit credit information pertaining to their customers to the Credit Information Bureau (India) Ltd. or any other agency authorized by the RBI.
Can such a sweeping authorisation be sought by a negative consent? What right does any Bank have to pass on customer data to anybody without specific consent? Shouldn’t customers be made aware of what they are signing away? Will the central bank wake up to such mischief only when the matter finally lands in court?
3)I have come to know some other forum, that SHaha Fin lease is not in the approved NBFC list of RBI? can any one pl re-check it again
4)The Bank for almost 10 years has not even sent a single communication to its customers, reg their outstanding amount or otherwise any amount to be paid, suddenly the customers receive calls from illegal elements saying they are lawyers/rep of Shaha Fin Lease, they are having all rights to collect money from the customers,, that too with exhorbent rates of intrest for example 17,000/- amount outstanding is now demanded for 4 crores and 95 lacs, if it is not paid, will call customers, neighbours/official colleagues and write to them that this personal is owing some crores of Rupees ot banks and he is not trust worthy etc, calling at mid-night hours, calling family members, threatening of arrest flying from Mumbai Court withh arrest warrent etc
5)Recently came to know about this news ;- From'
http://www.moneylife.in/article/are-credit-sudhaar-and-cibil-taking-borrowers-for-a-ride/30513.html
Mr Wadhwani and Mr Ramamurthy, the promoters of Credit Sudhaar had worked with Standard Chartered Bank and Citi. Both were also directors of SHAHA Finlease Pvt Ltd, an NBFC formed to buy bad assets from StanChart. On several occasions, the RBI, StanChart and the banking ombudsman had reprimanded SHAHA Finlease for its unprofessional conduct and unruly collection agents. Even on the Internet, there are number of complaints against SHAHA Finlease.
Credit Sudhaar, a non-specified user entity, is accessing confidential credit records from CIBIL while claiming to help individuals improve and maintain their credit health. Why is the financial regulator, RBI, silent?
Credit Sudhaar, a firm set up by former bankers Gaurav Wadhwani and Arun Ramamurthy, says it has a tie-up with CIBIL for offering credit advisory services and will help individuals in improving their credit health which will in turn enable customers to get better offers from lenders at the CIBIL Market Place. What it does not say is it is neither registered with the Reserve Bank of India (RBI) as a non-banking finance company (NBFC) nor it is a specified user entity of CIBIL but will access credit records of crores of individuals.
While there is no word from CIBIL on this strange partnership, what is surprising is how the credit bureau may have allowed a non-specified user entity to access its database. In a press release, Credit Sudhaar said it is associated with Dipran Finance Pvt Ltd. However, on its website it mentions affiliation with Safe Capital, an NBFC. In an email reply, the firm said, “Credit Sudhaar is associated with both Safe Capital and Dipran. Both Safe Capital and Dipran are members of CIBIL”.
Even on its website under the FAQ section, replying to a question “Are you approved by the RBI?” it says “Yes. We are affiliated with Safe Capital which is an approved institution as per RBI charter”.
Earlier, Credit Sudhaar used to mention itself as an NBFC registered with the RBI, which was changed later.
This also means, Credit Sudhaar may be using either Safe Capital or Dipran’s login credentials to access the CIBIL database, especially the portfolio review which gives complete details of an individual. Since Credit Sudhaar is not a specified member entity of CIBIL, this violates Section 22 of the Credit Information Companies (Regulation) Act, 2005 (CIRCA), which says...
22. Unauthorised access to credit information.—
(1) No person shall have access to credit information in the possession or control of a credit information company or a credit institution or a specified user unless the access is authorised by this Act or any other law for the time being in force or directed to do so by any court or tribunal and any such access to credit information without such authorisation or direction shall be considered as an unauthorised access to credit information.
Now that this being the situation, can all the persons of this forum affected by SCB and shaha fin lease or otherwise collectively write to the Finance Minister and RBI, pl help by putting our valuable inputs on how to draft a mail to them
And what is ur valuable opinon on the same, because in 2011 in another thread in this forum
http://www.lawyersclubindia.com/forum/Standard-Chartered-Bank-Sold-My-Banking-Credentials-to-Shaha-39265.asp#.VgZWAfmqqko
The person has written he has not received any favourable reply from banking ombudusman.
Please Help, this kind gesture of yours will be helpful to thousands of customers like me
Thanking you All
Kumar Doab
(Expert) 26 September 2015
You seem to have done your homework.
All affected CC members can certainly unite and form a forum/association/NGO etc..........and can agitate.
There are NGO's like Aawaz that has taken up the matter NCDRC,SC..................
You may avail the services of able counsels specializing in such matters and take to logical conclusion with your resolve.
The reprimand by BO is a record.
vasugee
(Querist) 28 September 2015
Dear ALL. today I found a judgement in favour of a customer against SCB & Shaha Fin Lease pl check in the foll link
https://lexofy.com/document/f9ad7429c7ed8d045d5f5bde5f571f93
T. Kalaiselvan, Advocate
(Expert) 02 October 2015
The judgement what you have referred in your link is an apt one for your case. You can gather the like minded or all those affected and willing to join you in this blind folded atrocity by the SCB and its assignee the Shaha Fin lease and petition the finance ministry or the high court with a writ petition too.
Kumar Doab
(Expert) 03 October 2015
The decision is useful.
You may also pursue RTI route with RBI.
The other threads already suggested to you contain the contact details of RBI Division and Officials in Charge that deal with such matters.You can lodge representation with them.
The employment of Mr Wadhwani and Mr Ramamurthy as posted by you with anyone even if it is RBI,or even Ministry of Govt of India does not vest any right to engage in unfair means.
Their conduct can be reported to regulator RBI,Ministry of Finance, law enforcement agencies,courts of law.................etc
Kumar Doab
(Expert) 03 October 2015
As per RBI guidelines prior notice has to be supplied to customer before sharing the credit history with credit bureau's like CIBIL....
