The government is contemplating to frame new guidelines for repossession of vehicles by banks and financial institutions in case of delinquencies by borrowers.
In recent times, the interlinking conflict between the auto industry and the banking industry has emerged as the banks have become reluctant and tightened their procedures for vehicle financing impacting impacted auto sales.
Banks, on the other hand, are concerned of negative sentiments in the overall economy as delinquencies tend to rise in the economic downturn and this condition has possibly given a rise to ‘your death my life’ situation between these industries.