Bank Loan Recovery: Now banks will not be able to forcibly recover the loan, RBI has issued a new order

Bank Loan Recovery:  There is some crucial news if you have also obtained a loan from the bank. Now, under any unfavorable conditions, the banks cannot aggressively reclaim the money from you. In reality, a new circular from the Reserve Bank of India. Has been distributed to all banks and financial institutions. In this order, banks have been asked to stop the incidents of threatening, harassing, and misusing the personal data of customers taking loans from the bank.

It also said that banks should prevent incidents of harassment of relatives of borrowers, even well-known people. All commercial banks, non-bank financial organizations, asset reconstruction businesses, Indian financial institutions, and primary urban co-operative banks are covered by this RBI circular.

Prevent such incidents from spreading 

According to the news published on our partner website Zee Business, RBI has clearly stated in its order that banks and other institutions should stop sending objectionable messages, and defamation on social media. In fact, in recent months, many cases of arbitrariness and coercion of recovery agents have come to the fore in the case of loan apps. Additionally, RBI stated in this new circular that customers should not be called for recovery (RBI New Circular for Recovery Agent) prior to 8 a.m. after 7 pm. Along with this, RBI also said that the institutions should follow the rules of recovery agents properly. The Bank Loan Recovery should not be done by harassing the customers.

RBI showed strictness 

In fact, RBI has advised in the circular, ‘Banks or institutions or their agents shall not resort to intimidation or coercion of any kind. Will not use verbal or physical action against any person in his efforts to recover his debt. RBI has clearly said that if there is any complaint from the customer, then we are going to take it very seriously.

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