The Reserve Bank has issued new guidelines to protect the rights of borrowers during the debt recovery process. Recovery agents and banks should be contacted by phone between 8 am and 7 pm.
Ordered not to engage in threatening, abusive language and public defamation of borrowers. Sharing of personal photos, videos and audios on social media is also prohibited.
The RBI has said that the lending institutions are responsible for the conduct of the agents, even if the responsibility of recovery is delegated to other institutions. The new rules will come into effect from January 1 next year, the article said.
