Business Standard

Do borrowers have any rights?

Can the bank take shelter under the omnibus problems caused by the Covid-19 crisis to indiscriminately cut down on the sanctioned credit limits


Harsh Roongta
“A banker is a fellow who lends you his umbrella when the sun is shining but wants it back the minute it begins to rain,” -Mark Twain

And it’s true even today. Here is a personal experience to corroborate this. I have a credit card with a credit limit of Rs 5 lakh. I use it only for emergencies. My credit card issuer had provided a facility whereby I could voluntarily lower the limit online to reduce the impact of any misuse or fraud. I could reset it back up any time. I used this facility to
Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of or the Business Standard newspaper

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First Published: May 28 2020 | 1:58 AM IST

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