What to do in Case of Banking Harassment – Recovery
These guidelines are important since I know many people who have lost many nights of sleep thanks to threats from recovery agents.
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The RBI holds that all banks/ NBFCs are responsible not only for their own actions but also those of their agents, that is, Distributed Multi-Agent System/ franchisees/ agents.
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These agents must carry a letter/ identity card in their name or that of an agency authorising them to undertake debt collection. This helps you verify the authority of the person. -
All written communication sent by the agency should contain the name and contact details of the concerned officer.
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Agents must contact customers only between 7 am and 7 pm and interact civilly.
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Agents must avoid all calls and visits to collect debt if the customer meets with any tragedy.
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The bank or its agent must not resort to any kind of threat or harassment to anyone for debt collection. The word anyone includes the customer, his/ her family members, friends, colleagues or referee.
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The bank or its agent will not pass any false/ misleading information with the intention to humiliate anyone publicly.
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The author is a Chartered Accountant and MBA specialising in banking, finance & insurance. Write to him at khs(a)askketul.com
Disclaimer: The contents of the article or are for information purpose only and are in no way meant to be advisory in nature. The author does not claim responsibility for actions taken by readers on the basis of the Article. Please consult your financial advisor for your personal money management.
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Category: Loans n You
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