Indian Banks in a bid to expand their market share in Housing Loans, Auto Loans and Credit Cards, lent recklessly over 2004 to 2007 to any consumer without even verifying the credentials. Now, they are facing rapid defaults and are causing a misery to the Indian borrower. The RBI aware of this situation, has instructed BCSBI an independent body [it is as good as Government as it was formed by the RBI, so your data is safe with them] that looks into the functioning of Banks and Financial Institutions has started a separate counseling wing to identify genuine cases and negotiate a relief package.
Read moreHow Indians Can Settle Credit Cards + Loan EMIs – A Relief Package