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RBI released second draft of the Guidelines on Recovery Agents

New guidelines recovery agents

Apnaloan.com Research Bureau

25 Apr 2008

The Reserve Bank of India recently released the second draft of the Guidelines on Recovery Agents on its website for public comments. The revised guidelines include provision of recording of calls made by recovery agents to customers and vice versa.

It will also have updated list of recovery agents on bank's website. The periodical verification can be done of antecedents of employees of recovery agents, which may include verification through police and additional conditions for repossession of assets. The revised guidelines have also provided for continuation of recovery proceedings if the borrower continuously makes frivolous/vexatious complaints. It will provide access to credit counselors' services if the case of a particular borrower deserves sympathetic consideration.

Besides, the training of agents will be organized for which banks will have to tie-up with Indian Institute of Banking and Finance (IIBF) and other institutes/ bank's own training colleges so that every agent passes the same examination conducted by IIBF all over India in a period of one year.

Views / comments on this draft may be sent to the Chief General Manager-in-Charge, Department of Banking Operations & Development, Reserve Bank of India, Central Office Building, 12th Floor, Shahid Bhagat Singh Road, Mumbai-400001.

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