The Bank of India is planning to set up a counselling center in Bangalore with the name ‘Abhay.’ This center will aim to
Assist people who are in debt trap and who are unable to manage schedules of various loans that they are paying on their credit card or to their bankers in the form of personal or home loan etc.

The Executive Director of the bank, Mr. M. Narendra said that bank personnel working at Abhay would offer counselling to consumers on managing their debts in a better way. He quoted instances where Abhay team has actually visited the homes of consumers trapped in heavy debt to understand their problems. The advise from Abhay has been very effective in several cases, he said. Many people who learnt of Abhay have approached the center for help.

Some activities of the Abhay team include drafting letters to banks on behalf of the affected consumers, educating them on legal issues related to their policies, requesting and getting approval from banks to cut unwanted costs. Similar Centres set up in other cities have already resolved more than 4000 cases.

Mr. Narendra, however, clarified that the centres are not offering any financial aid. He said Bank of India is planning to expand its reach by setting up several branches in India by the next financial year.

You can visit their website for 'Abhay ' at www.bankofindia.com/abhay.aspx