RBI Rules: RBI strict on the recovery agent of banks, it is not good to call at this time; know this rule

 

RBI Rules: RBI has issued a notice to this effect saying that banks, non-banking finance companies (NBFCs) and asset reconstruction companies (ARCs) should ensure that its instructions related to recovery of loans are followed properly.

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RBI Rules: The Reserve Bank of India (RBI) has issued new instructions for the recovery agents of the outstanding loan saying that they cannot call the borrowers before 8 am and after 7 pm. While issuing a notice to this effect, RBI said that banks, non-banking finance companies (NBFCs) and asset reconstruction companies (ARCs) should ensure that its instructions related to recovery of loans are properly followed.

RBI advises recovery agents,
RBI said, "It is advised that the regulated units shall strictly ensure that they or their agents refrain from harassing or abetting the borrowers in any manner during recovery of outstanding loans." Apart from this, the RBI has also asked the borrowers to refrain from sending any kind of inappropriate messages, threatening or calling from unknown numbers.

Will not be able to call after 7 pm
According to RBI, recovery agents cannot call borrowers before 8 am and after 7 pm. RBI has been issuing guidelines from time to time on issues related to recovery of loans. It had earlier also said that regulated entities should not harass or harass borrowers.

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RBI issued a new guideline
In view of the unfair activities being done by the recovery agents in the recent times, the RBI has issued a new guideline. The central bank has said that these guidelines will be applicable to all commercial banks, co-operative banks, NBFCs, ARCs and all-India financial institutions.

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