Press release Outsourcing of Financial Services – Responsibilities of regulated entities employing Recovery Agents (dated- 12.08.2022)-RBI.
View PdfPress release Outsourcing of Financial Services – Responsibilities of regulated entities employing Recovery Agents (dated- 12.08.2022)-RBI.
- Taking into account certain recent developments including growing incidences of unacceptable practices followed by RAs, the Reserve Bank of India has issued certain additional instructions to REs by extending the scope of the guidelines and limiting the hours for calling borrowers on phone for recovery of overdue loans. These instructions will be applicable to all Commercial Banks (including Regional Rural Banks), Co-operative Banks, Non-Banking Financial Companies (NBFCs), Asset Reconstruction Companies (ARCs) and All India Financial Institutions. A circular to this effect has been issued, refer attachment for further details.
