Abusive language, threats, harassment, excessive or anonymous calls, public humiliation, and misleading representations are explicitly prohibited.
Pune Police have arrested three recovery agents of a private financial institution for allegedly beating up a man in full public view over his credit card dues.
A 21-year-old fisherman died by suicide after loan recovery agents allegedly circulated a morphed picture of his wife failing to repay a loan, said a police official on Wednesday.
Delhi Police have arrested four individuals involved in a sophisticated roadside extortion scheme, posing as fake loan recovery agents and targeting vehicle owners with pending EMIs.
Delhi Police have arrested four individuals for allegedly robbing a cash collection agent of Rs 4.18 lakh in Burari. The suspects were apprehended after an investigation involving extensive CCTV footage analysis and technical surveillance.
The Reserve Bank on Tuesday directed digital lending entities to disclose upfront the names of of their empanelled agents authorised to contact borrowers in case of default of loan, and also intimate the details to customers before initiating the recovery process. In August last year, the RBI had tightened norms for digital lending to prevent charging of exorbitant interest rates by certain entities and also check unethical loan recovery practices. Under the new norms, all loan disbursals and repayments are required to be executed only between the bank accounts of borrower and the regulated entities (like banks and NBFCs) without any pass-through/ pool account of the Lending Service Providers (LSPs).
The Reserve Bank of India has issued draft guidelines that banks must follow while appointing loan recovery agents. Hopefully, these should provide solace to borrowers unduly harassed by these agents.
The recovery agents have even gone to the extent of forcing people to commit suicide by constantly harassing them.
Concerned over growing litigations against banks and high-handedness of recovery agents, the Reserve Bank on Tuesday issued strong warning to banks to check such practices or be barred from engaging such services.
Here are a few tips on what to do when a loan recovery agent lands up at your door step and uses abusive language or threatens your family with physical abuse.
No one wants a recovery agent breathing down his neck. But if you slipped up on your debt, you may have to deal with him. Here's how to make the best of a bad situation
On the heels of Delhi Consumer Court imposing Rs 55 lakh fine on ICICI Bank for the excesses committed by its recovery agents, the Indian Banking Association has asked all the banks to follow the industry code of conduct with regard to collection of bad debts.
The central bank has stipulated that any violation of the guidelines would be viewed seriously. It may consider imposing a ban on a bank from engaging recovery agents in a particular area. In case of persistent breach of the guidelines, RBI may consider extending the period of ban or the area of ban.
Instead of training executives at a time when delinquency rates are rising across segments, lenders have approached industry body Indian Banks' Association and IIBF to lower the fees, which are in the range of Rs 6,000-8,000 for every agent. Bankers said they were finding it difficult to keep employees and agents away from work for 15 days when they undergo the 100-hour training and certification programme mandated by the RBI.
Have you ever faced the wrath and harassment of a debt recovery agent? What was your experience like? Tell us.
Digital lending apps extend small amounts at exorbitant rates. Payment delays invite messages to customer or close family members, often with sensitive information such as Aadhaar and PAN Card scans.
A robbery accused was shot and arrested in Sultanpur, Uttar Pradesh, after a confrontation with police. The accused and his associates had gathered to divide the stolen loot when authorities intervened.
Fresh tension gripped Bhangar and adjoining areas of South 24 Parganas during the second and final phase of West Bengal Assembly elections, with the ISF alleging intimidation of polling agents and attempts to influence voters by TMC workers.
A 36-year-old businessman in Delhi died after being allegedly assaulted by food delivery agents following a verbal argument. The incident occurred in Connaught Place, and the victim succumbed to his injuries after being hospitalized.
Polite to the point of sounding subservient and sugar coated in their approach while selling a loan to a customer, your bank can suddenly take on the avatar of a ruthless Shylock, after your pound of flesh, in the form of these recovery agents. Here, then, are five tips to file a case against these recovery agents.
A senior citizen in Navi Mumbai was allegedly swindled of 64 lakh over four years by cyber fraudsters posing as insurance regulators and grievance officials.
A retired school teacher in Kanpur was allegedly defrauded of Rs 1.57 crore (approximately 150,000) in a sophisticated cyber scam involving impersonations of Mark Zuckerberg and associates of Elon Musk.
Punjab Police have dismantled two interconnected cross-border narcotics smuggling cartels, arresting five individuals and seizing over 7 kg of heroin. Investigations revealed the accused were in contact with a Pakistan-based smuggler using drones to send consignments.
Jammu and Kashmir Police have dismantled a job fraud and extortion racket, arresting five individuals and rescuing two victims held captive in Kolkata. The operation recovered 34 lakhs and exposed a scheme targeting youth with false promises of overseas employment.
Delhi Police have dismantled two illegal LPG hoarding and refilling operations in separate raids across the city, seizing a total of 248 cylinders and apprehending five individuals involved in the illicit activities.
A simple routine of cleansing, moisturising and sunscreen is more effective than piling up products, advises Dr Rupika Singh, dermatologist and founder of Akiya Aesthetics.
Delhi Police arrested over 600 individuals and detained over 8,300 suspects during Operation CyHawk 4.0, a major crackdown on cybercrime. The operation targeted financial networks and call centres involved in online scams, recovering significant digital evidence and tracing defrauded money.
Punjab Police have dismantled an inter-state illegal weapons supply module, arresting two individuals from Uttar Pradesh and recovering a cache of country-made pistols and magazines.
Delhi Police arrested over 600 people and rounded up over 8,300 suspects during Operation CyHawk 4.0, a large-scale crackdown on cybercrime.
Some incidents make one wonder whether banks deliberately flout RBI guidelines on recovery, says S Saroja.
Ask rediffGURU Naveenn Kummar your insurance mutual fund and personal finance-related questions.
The selloff in domestic information technology stocks intensified on Friday, with the Nifty IT index sliding as much as 5.2 per cent during the session before paring losses to close 1.44 per cent lower.
Banks are witnessing a surge in hiring for sales staff in secured segments such as home, vehicle and gold loans as compared to the recovery category, driven by a boost in business growth, and a host of regulatory measures aimed at improving ease of doing business, according to industry experts.
A bank or financier does not have the right to use force on defaulters and deploy musclemen for the recovery of loans. Here's how to deal with them in case they knock your door.
Indrani Mukerjea, in pure white, sporting dancing pearl jhumkas, bobbed about the accused box, occasionally floating up front to whisper urgent suggestions to her lawyer Ranjeet Sangle as retired cop and prosecution witness Dinesh Kadam gave her a long look. Vaihayasi Pande Daniel returns to cover the Sheena Bora murder trial after 18 months.
Ask rediffGURU Naveenn Kummar your insurance mutual fund and personal finance-related questions.
"We currently manage collections for over 98 million retail and small-business loan accounts, covering a loan book of about $250 billion," says Rishabh Goel, cofounder and chief executive officer (CEO) of Credgenics, a software-as-a-service platform for debt collection. With more than 700 million smartphone users and over 450 million UPI users, digital access is everywhere.
The Supreme Court has said that selling land or property is not a service under the Finance Act, 1994, so such sales cannot be charged with service tax.
Numerous things could jeopardise your loan repayment. Debt can become a noose around your neck. How do you deal with it, and the related dangers?
Jailed journalist Mahesh Langa, already facing multiple charges, has been booked in a fresh case for allegedly extorting Rs 40 lakh from a real estate agent by threatening to malign his image and implicate him in a false case. This is the fifth FIR registered against him since his arrest in October 2023 for an alleged Goods and Services Tax (GST) scam. The latest case was registered based on a complaint by Janak Thakor, a real estate agent, who alleged that Langa threatened to write negative articles about him and trap him in a false case unless he paid the money. Langa has been in jail since his arrest in October and is facing charges in four previous cases registered by Ahmedabad, Gandhinagar, and Rajkot police.
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