Banking Codes and Standards Board of India (BCSBI) now offers Credit Counselling to the borrowers of member banks in the retail segment e.g. personal loan / vehicle loan / home loan / Credit Card and MSE sector whose credit exposure does not exceed Rs. 50 lakh.
Borrowers in distress and seeking credit counselling may directly apply to BCSBI in the prescribed application form. Member banks may also encourage borrowers whose loan accounts are in default and who, in their opinion, need credit counselling to approach BCSBI.
If the applicant’s case requires debt restructuring, the Counsellor will formulate a debt restructuring plan in consultation with the concerned bank(s). It is not obligatory for a bank to accept the debt restructuring plan drawn by the Counsellor and the concerned bank is free to accept the solution in full or with modifications.
BCSBI offers credit counselling services free of charge. Credit Counsellors will maintain confidentiality of the information received from member banks/borrowers. Member banks are also asked to assure their borrowers on this to encourage them to avail of the credit counselling services. In order to ensure that there is co-ordination between Credit Counsellors and the banks and also to ensure that the objectives of the Credit Counselling are met with speed and efficiency, each member bank will identify a Nodal Officer, preferably from the Credit Department.
Counselling services will be available between 10.00 AM and 5.30 PM from Monday to Friday at the following address:
Banking Codes and Standards Board of India
C-7, Reserve Bank of India Building
Bandra Kurla Complex Bandra (East)
Mumbai – 400 051
Tel No (022) 2657 1105 Fax No (022) 2657 3719
Website: www.bcsbi.org.in
e-mail : creditcounselingbcsbi@rbi.org.in
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