Recovery agents will not be able to threaten for loan recovery, time has also been set to ask for money on the phone

The Reserve Bank has made it clear, cannot publicly shame a customer, interfere in the personal life of the customer’s family, friend or relative or call them for recovery of loan.

RBI issued new rule for loan recovery

The Reserve Bank has issued a new rule regarding loan recovery. reserve Bank The company has asked the companies to ensure that the recovery agents do not threaten the customers in the recovery of loans. There should not be any excess with the customer in the recovery of the loan. For this, rules have already been made, it is necessary to follow those rules in any case. With this, the Reserve Bank said that the time for asking for loan money on the phone has been set from 8 am to 7 pm. The recovery agent can ask for money during this time. The tales of recovery agents are very famous in which it is common for customers to harass for recovery of loans.

In a press release issued in this regard, the Reserve Bank said, it has been observed that the recovery agents hired by RE do not keep the rules and regulations in mind. There are certain rules for outsourcing financial services, which are not fully followed by recovery agents. Keeping in view the activities of these agents, REs are directed to ensure that there is no harassment or disturbing incident during loan recovery. The customers should not be harassed in any manner, verbal or physical, while recovering the loan or asking for money.

What did the Reserve Bank say?

In the statement, the Reserve Bank has clarified that, for recovery of the loan, a customer cannot be publicly shamed, cannot interfere in the personal life of the customer’s family, friend or relative, or call them. You cannot make wrong messages or calls for loan recovery on or through social media. Also, you cannot make any kind of threat over the phone to take money. If the customer is called for loan recovery after 8 am and 7 pm, then it will be considered as a violation of RBI guidelines.

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Rules for banks, finance companies

All the rules mentioned above are equally applicable for Housing Finance Companies and REs. A specific time has been given to call for the recovery of the loan, in between the same time the customers should be called. Recently some incidents have come to the fore in which recovery agents have come to the fore of unnecessarily harassing customers, harassing and threatening to call them at any time. After this the customers complained to the Reserve Bank in this regard. After the complaint, RBI has issued new instructions. If the recovery agent of any company or bank violates these rules, then his complaint can be made to RBI.(Reference,