It is no doubt an innovative service launched by Bank of India in centenary year whereby it has started credit counseling services at free of cost to the Common People to enable them to lead a respectable life. No doubt with this launch of this service they have showed the way to other banks that they maintain a relationship beyond banking. It is also heartening to note that this service can be availed by an individual of any bank else generally bank keeps such services confined to their own clients. They have stated that it is their endeavour to provide more and more social services in the years to come.
The Credit Counseling services has been started under the aegis of the Trust "ABHAY " which was launched at the hands of His Excellency President of India Dr. A.P.J. Abdul Kalam at New Delhi on 25th August, 2006. Its first center has been inaugurated at Mumbai by Dr. Y.V.Reddy, Governor, Reserve Bank of India on 7th September,2006 which was followed by Centres at Wardha in Nagpur and Chennai.
The following are the main objectives of the Trust.
• Advising on gaining access to structured financial system including banking
• Creating awareness among the public about financial management
• Counseling people who are struggling to meet the repayment obligations and helping debt resolution
• Helping in rehabilitation of borrowers
It is an applaudable initiative as friendly and timely guidance coupled with related support extended by the counselors will not only mitigate the immediate stress of the trapped individuals and their households, but it will also help to infuse confidence in others who are in distress, irrespective whether they are customers of Bank of India or other Banks. With the common objectives of counseling the borrowers, different focus is being given in metro/urban and rural areas, to meet their different needs.
Verdict
This service will be of a great use for people in credit card debt trap and all those reeling under a number of loans. A timely friendly listening can help a number of people to revive their fortunes and one will be also able to improve their Cibil Score in India.
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