No loan recovery during times of tragedy, auspicious events: RBI
RBI has instructed banks not to recover loans when tragedy strikes the homes of borrowers or when auspicious events are taking place. ‘The loan recovery process should be uniform across all banks. Agents should be appointed as per the prescribed rules. Phone calls made by them for recovery should be recorded,’ it said. It suggested that employees and agents should ensure that borrower data is not misused.
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