Writ petition-reserve bank of india

Initially you have to give a legal Notice under sec/80 of cpc for 60 days, as you cannot move the court against RBI and NBFC as a lender under Art 226. so u need to give the proper legal  Notice that is a mandatory need under law. Else your Writ will be dismissed by court. if you want to meet me then i can help you in preparing the relevant Notice or if you have a good lawyer who has experience in these areas of law he or she can help you prepare Notice.

It is presumed in law govt departments being slow moving red tapethey need be given sensible reasinable time to rectify their mistates and they should not be hauled up just like that in a court of law, as court does not want public exchequer moneys should not be wasted on litigation by govt department. that is the principle behind Notices against governent departments pls.. dr g balakrishnan, advocate(OS) Bombay high court  

Before going to the court, you have to obtain  the papers relating to proper action been taken from RBI or not. You can take concerned papers by applying through RTI from RBI. 

Learned experts/members have given their valuable advice.

You have initiated thread on a subject which is of great importance to fellow countrymen.

The lack lusture attitude and conduct of premier regulator and institution is responsible and hoghest contributing factor for plight of hapless citizens and consumers.

Although RBI is given big and sharp teeth but it does not bite.

Leave apart loan, look at others including but not limited to: CC, deposits, OD etc 

If RBI winds up one NBFC, one CC compnay, one bank it shall send proper signals to mend thier ways.

The guidelines issued for NBFC are attached:

Guidelines on Fair Practices Code for NBFCs:

A. (i)  Applications for loans and their processing

(b) Loan application forms should include necessary information which affects the interest of the borrower, so that a meaningful comparisonwith the terms and conditions offered by other NBFCs can be made and informed decision can be taken by the borrower. The loan application form may indicate the documents required to be submitted with the application form.

(c) The NBFCs should devise a system of giving acknowledgement for receipt of all loan applications. Preferably, the time frame within which loan applications will be disposed of should also be indicated in the acknowledgement.

Kindly keep this thread updated.

(ii)  Loan appraisal and terms/conditions

The NBFCs should convey in writing to the borrower in the vernacular language as understood by the borrower by means of sanction letter or otherwise, the amount of loan sanctioned along with the terms and conditions including annualised rate of interest and method of application thereof and keep the acceptance of these terms and conditions by the borrower on its record.