Reserve Bank of India issues new guidelines for recovery agents
The Reserve Bank of India just rolled out fresh guidelines for loan-recovery agents, making things safer and clearer for borrowers.
Agents can't use abusive language, threaten people, make anonymous threats, or drag in your family members or colleagues.
Plus, lenders have to give you at least a day's notice before any field visit, and agents must show proper ID and paperwork.
Calls recorded, contact hours capped 8am-7pm
Now, recovery calls must be recorded, with prior disclosure to the borrower, and agents can only contact you between 8am and 7pm unless you say otherwise.
You get to choose where and how meetings happen, so no surprise visits.
If an agent messes up, the lender is held accountable.
The RBI hopes these changes will protect borrowers from harassment while keeping debt recovery fair and transparent.