RBI delays stricter loan recovery guidelines until January 2027
Business
The Reserve Bank of India (RBI) is giving banks more time to adjust, pushing its stricter loan recovery guidelines to January 2027.
This move comes after concerns about aggressive tactics used by some banks and aims to make the whole process fairer for borrowers.
Banks must certify agents, ban harassment
Banks will soon have to keep a closer eye on their recovery agents, making sure they're certified, regularly checked, and follow ethical practices.
The new rules ban harassment like repeated calls or sharing borrower info online, and require banks to compensate borrowers if things go wrong.
RBI says these steps are all about balancing loan recovery with respect for people's rights.