Restrictions on bank loan collectors..!? No call after 7 pm!

Complaints are coming that private companies are working to collect the loan amount from the borrowers in the banks and sometimes they behave excessively towards the borrowers. In this situation, the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india has issued new guidelines in this regard. Accordingly, the debt recovery agents employed by banks and non-banking financial institutions have been instructed not to threaten the borrowers and should not engage in threatening activities, and should talk to the borrowers on the phone only between 8 am and 7 pm.
The bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india has issued these additional instructions to banks, non-banking financial institutions, etc. RBI has also said that strict action will be taken against those who violate the instructions regarding the collection of loans.It also advises banks to ensure that debt recovery agents do not verbally or physically threaten or assault any individual in their debt collection efforts. Similarly, it has been announced that inappropriate messages should not be sent to the borrowers through mobile phones, including SMS, and those messages should not be threatening. Also, they should talk to the borrowers between 8 am and 7 pm regarding loan withdrawal only. It is also advised not to speak in the wrong manner.It is also advised to speak respectfully to borrowers, avoid monotony, and not engage in threatening or harassing borrowers. All these mechanisms apply not only to nationalized and private banks but also to regional rural banks, trading companies, asset restructuring companies, and pan-India financial institutions, RBI said.

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loan collectors

Sowmiya Sriram

13/08/2022 01:02 PM