SECURITISATION ACT-SMALL LOANS

sir,there is no law in India,might is right,bank are powerfull,making law in there favour,advocates are not raising objection thru their association,DRT judges are appointed from Bank,so almost all judgement in their favour,RBi is mother of their bank and rule maker all ways favour bank being mother of bank.

Now Indian governemtn is moving towards capitalist system where big peaple can raise voice only.So we hope very soon we will see revolution from lower or lwer midle class peaple.

The issue is very much live and causing worries and pains to lakhs of borrowers all over India.  Our politicians are not at all interested in the subject.  Some collective actions possible only through associations such as associations of traders, retail- traders, farmers, small and medium entreprenuers, etc.  Awareness must be created at the highest level.   This draconian Act must be modified according to Natural Justice.

RAJU O.F. 

I think said Act is completely one sided and in favor of banks. I really appreaciate the suggessions given. Co-operative banks are far ahead for misusing it, than nationlised bank.  I would like to add here that the issue in respect of applicability of said Act to co-operative banks are still pending with Hon'ble Supreme Court. 

A large list of Co-operative Banks are already allowed to invoke the provisions of SARFAESI Act.  Even the officials of bigger banks like State Bank of India, Indian Bank, etc, misuse the Act; then what about the co-operative banks? It is a pity that 99% of the bank officials are not conversant with the provisions of the Act and also the consequences of their actions. 

RAJU O.F., CHENNAI