Restrictions on collectors of bank loans..? No call after 7 p.m.
Complaints are coming that private companies try hard to collect the loan amount from the borrowers in the banks and sometimes they behave excessively towards the borrowers. In this situation, bank OF INDIA’ target=”_blank” title=”reserve bank of india- Latest Updates, Photos, Videos are just a click away, CLICK NOW’ > reserve bank of india has issued new guidelines in this regard. As a result, debt collectors employed by banks and non-bank financial institutions have been instructed not to threaten borrowers or engage in threatening activities, and to speak to borrowers on the telephone only between 8 a.m. and 7 p.m.
THE BANK OF INDIA’ target=”_blank” title=”reserve bank of India – Latest Updates, Photos, Videos are just a click away, CLICK NOW’ > the Reserve Bank of India has issued these additional instructions to banks, non-banking financial institutions, etc. RBI also said strict action will be taken against those who violate instructions regarding loan recovery.It also advises banks to ensure that debt collectors do not verbally or physically threaten or assault anyone in their debt collection efforts. Similarly, it was announced that inappropriate messages should not be sent to borrowers via mobile phones, including text messages, and that such messages should not be threatening. Also, they must speak to borrowers between 8:00 a.m. and 7:00 p.m. regarding loan withdrawal only. It is also advisable not to speak the wrong way.It is also advisable to speak respectfully to borrowers, avoid monotony, and not threaten or harass borrowers. All these mechanisms apply not only to nationalized and private banks, but also to regional rural banks, trading companies, asset restructuring companies and pan-India financial institutions, RBI said.