Banks are using recovery agents now to recover loans timely from bank customers. Their commission is depending upon the recovery of loans and hence they use lethaland uncivilised ways to collect loans.Antisocial elements on behalf of recovery agents for banks make life hell for people with untimely visits and abusive phone calls. Based on complaints from cutomers, RBI has framed certain guidelines in respect of recovery agents.
1.The bank will initiate the recovery proceedings only after inorming the borrower in writing . This is as per the code of commitment.
2.The agents are supposed to contact the customer at a specified place of his/her choice and are duty bound to interact in a ‘civil manner’.
3.Also the recovery agent can make calls or visits only between 7 am and 7 pm. and should not disturb in the night.
If recovery agent is not following these guidelines, the bank customer can complain to bank in writing about recovery agent and if no respite is coming, then he can go to ombudsmen for claiming damage.
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