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Registration to be mandatory for recovery agencies

Maharastra government plans to make registration compulsory for recovery agencies following the complaints against methods of recovery deployed by the agents.

Apnaloan.com Research Bureau

03 Oct 2007

Maharashtra government plans to make registration compulsory for recovery agencies following the complaints against methods of recovery deployed by the agents.

The government is exploring the possibility of registering recovery agencies appointed by banks with police authorities for the recovery of loans.

Following the death of Prakash Sarvankar, a resident of Andheri, a suburb of Mumbai who committed a suicide after ICICI Bank's recovery agents humiliated him for recovery of loans; the four recovery agents of banks were arrested.

State government officials will also find out if the Reserve Bank of India (RBI) guidelines on the recovery of loans, allows appointment of such agents. If such appointments are permitted, the officials also need to find provision for making the registration of such agencies mandatory.