Harassment by banks pushing many to suicide: MSME Forum to CM
Suicide by an elderly couple, who took the extreme step in the wake of threats by recovery agents of a private bank, pushed the issue to the forefront. In a letter dated June 27, World MSME Forum president Badish Jindal said that Jasvir Singh and his wife Kuldeep Kaur committed suicide after being harassed over a missed loan instalment. The couple left a suicide note accusing a private bank of deploying goons to intimidate them, which ultimately led to their decision.
Jindal stated, "This is not the first case of such a tragedy in Punjab. Several business owners have previously died by suicide under similar pressure from banks and financial institutions. Despite the legal provisions under the SARFAESI Act, banks continue to employ musclemen to recover dues, often threatening or publicly humiliating borrowers."
The Forum pointed out that despite courts prohibiting banks from using goons for loan recovery, the practice remained widespread.
"Private and even a few govt banks rely on illegal recovery methods to intimidate borrowers," Jindal added.
As per statistics cited in the letter, 6,398 businesspersons committed suicide across the country in 2021 due to loan repayment issues, a number that rose to 7,008 in 2022. While the National Crime Records Bureau (NCRB) has not released data for 2023, the Forum estimates that such suicides continue to increase.
"The trend of businesspersons ending their lives due to harassment from financial institutions is extremely disturbing," Jindal remarked.
The World MSME Forum has called on the Punjab govt to take immediate action against banks employing unauthorised recovery agents. "Such goondaism should not be tolerated under any circumstances," the letter stressed, advocating blacklisting of institutions involved in such activities and a review of their licenses. Jindal connected the issue with the broader law and order challenges in Punjab, stating, "The Punjab government has taken commendable steps to eliminate gangsters in the state.
These recovery agents are also part of this gangster system. They operate as an extension of the gangster ecosystem. The state must act swiftly to dismantle this system as well."
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