#OperationHaftaVasooli: Zee Business sting operation reveals story of how small lending companies are threatening loan-takers

#OperationHaftaVasooli: The most notorious word 'hafta vasooli' has now entered the corporate world as well. In a shocking revelation by Zee Business channel, it has come to light that small lending companies are indulging in this malpractice and what is more the same is continuing during the Coronavirus lockdown. These small lending companies are pressuring loan borrowers to pay their EMI no matter what their circumstances are. In their bid to recover their money, these small lending companies are ill-treating loan-takers through all sorts of nefarious actions. This flies in the face of the Reserve Bank of India (RBI) order wherein it had announced the implementation of EMI Moratorium till May 2020 for all those who want it. But, shockingly, these lending companies are not willing to let their loan takers use this RBI loan moratorium offer.

See Zee Business Live T streaming below:

To expose such small lending companies and their malpractice going on during the Coronavirus lockdown, Zee Business conducted a sting operation to showcase how these companies are increasing the financial woes of their clients during the COVID-19 lockdown. Zee Business has called this this sting 'Operation Hafta Vasooli' and it resonated so well with the public that #OperationHaftaVasooli become the number 1 trend on social media platforms today.

Also Read: Zee Business sting operation busts Mafia recovery agents, small lending companies

According to the Zee Business Managing Editor Anil Singhvi, these small lending companies are not following the rules and banking norms issued by the Government of India (GoI) during the lockdown. In fact, these companies are behaving like goons (Mafia) who are bothered about their money only. They don't even care for the government guidelines and are sending reprimanding messages to their customers to repay their loans. Singhvi said that they are doing this because the RBI EMI Moratorium offer is vested with the bank. Majority of the banking institutions of big repute immediately implemented the EMI moratorium offer but these small companies are not ready to implement it.

See Zee Business tweet below:

#Facebook पर अनिल सिंघवी के साथ LIVE देखिए लोन रिकवरी पर सबसे बड़ा स्टिंग ऑपरेशन#OperationHaftaVasooli #Lockdown #ZeeBusiness @AnilSinghvi_ @PMOIndia @narendramodi @FinMinIndia @nsitharaman @ianuragthakur @Anurag_Office @nsitharamanoffchttps://t.co/TfEluUDSv1

— Zee Business (@ZeeBusiness) April 16, 2020

Hence, taking advantage of this limitation of the RBI EMI moratorium offer, these small lending institutions are sending messages to their customers to pay their EMI on time or face 30 per cent to 60 per cent monthly penalty for late EMI payment. They are even sending messages that threaten to damage the credit score of their customers in case they fail to pay the EMI on time.

See Zee Business tweet below:

छोटे लोन देकर टॉर्चर करने वाली कंपनियों की खुली पोल...
ऑपरेशन हफ्ता वसूली को मिला जबरदस्त रिस्पॉन्स...
अगर आपने किया MISS तो देखें अभी...#OperationHaftaVasooli पर ऑडियो, वीडियो, मैसेज भेजें #ZeeBusiness #Lockdown @AnilSinghvi_ @PMOIndia @narendramodi https://t.co/PNziYYeSSn

— Zee Business (@ZeeBusiness) April 16, 2020

Zee Business tried to reach out to some of such small lending companies who are pressuring their customers to pay the EMI on time. But, Cash in and Wifi cash didn't reply to the mails sent. CashBean did reply and said that it is following RBI guidelines. They said that on receiving messages highlighting such malpractices, both within and outsourced companies, such employees have been fired with immediate effect.

Zee Business sting not just exposes the malpractice of such small lending institutions, it also suggested the ways through which customers can tackle problems like this. Customers facing such problems should first inform the lending institution officially, and if their plea goes unheeded, they can approach the Banking Ombudsman. They can directly lodge complaints on the RBI website's Complaint Management System.