Legal Steps That Can Help Against Harassment For Loan Recovery

Outlook Money

Loan Recovery

Loans are more accessible now, allowing people to borrow for personal and professional purposes. However, crises often arise for the harsh treatment faced by the agents

Loan Recovery

RBI Guidelines

The Reserve Bank of India (RBI) has laid guidelines for what the recovery agents can or cannot do

RBI Guidelines

Trained Agents

It is crucial to ensure that agents are adequately trained to handle their responsibilities with care and sensitivity. This includes aspects such as customer solicitation, calling hours, customer privacy, and accurately conveying the terms and conditions of the products offered

Trained Agents

RBI Draft

RBI, in its draft norms on "Managing Risks and Code of Conduct in Outsourcing of Financial Services," mentions that entities and their recovery agents should not use intimidation or harassment, whether verbal or physical, during debt collection efforts.

RBI Draft

Legal Help

Agents often engage in harassment by frequently calling or visiting clients, and even humiliating them in public, all contributing to distress. Assistance from consumer bodies and civil courts can also be taken

Compiled by Syed Muskan

Legal Help

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