RBI asks banks to ensure borrowers are not harassed by recovery agents

Reserve Bank of India (RBI) has asked financial institutions that their loan recovery agents should not intimidate or harass any person either physically or verbally for their debt collection efforts. RBI has also advised that, agents should not humiliate publicly or intrude upon the privacy of the debtors family members, referees and friends. AIR Correspondent reports that RBI has observed that, the recovery agents employed by financial institutions have been deviating from the extant instructi...