RBI New Circular For Recovery Agents : Reserve Bank of India, the country’s largest state-run bank, has asked all banks to improve their behavior with loan recovery agents. Attempts have been made to prevent incidents of threatening, harassing, misuse of personal data of customers taking bank loans. In this regard, RBI has issued a new circular for banks and financial institutions.
Agents don’t harass people
RBI Bank says that also stop incidents of harassing relatives, known people of borrowers. Let us tell you that this circular is for all commercial banks, all non-bank financial companies, asset reconstruction companies, all India financial institutions and all primary urban cooperatives. Applicable on banks (Urban Cooperative Banks).
RBI said that banks and other institutions should also stop the incident of sending objectionable messages, defaming on social media. In recent months, there have been many cases of arbitrariness of recovery agents in loan apps cases.
Keep track of time for phone
RBI said in the new circular that according to the rules, customers should not be called for recovery before 8 am and after 7 pm. Entities should properly follow the rules from the recovery agents.
Agents do not resort to threats
According to the RBI circular, banks or institutions and their agents have been advised not to resort to threats or harassment of any kind from the general public. Will not use verbal or physical acts against any person in their attempts to recover their loans. RBI has clearly said that if there is a complaint from the customer, then we are going to take it very seriously.