new delhi industry has urged prime minister manmohan singh to bring about some fundamental changes in the process of repossession of vehicles from loan defaulters to make the exercise easier so as to encourage banks and other lenders to extend retail finance in the automotive sectorunless there is a structural change which allows banks to repossess vehicles on which outstanding are there banks would not be willing to come forward and lend and that point was made very strongly to the pm cii president venu srinivasan said who met the prime minister on saturdaysrinivasan who is also the chairman of twowheeler major tvs motor co said as court strictures regarding repossession of vehicles have already been passed structural changes allowing banks to repossess vehicles is neededauto industry has been asking for clearcut guidelines on who and how a vehicle could be repossessed under the current system nonbanking financial institutions are not covered under the current rbis guidelinesmany banks had either scaled down or withdrawn from vehicle financing as recovery and repossession from defaulters became a problem lack of retail financing had hurt the indian auto industry sales had fallen in the second half of the last year only to slowly pick up in the beginning of this year after announcement the two stimulus packages in december and january