Calling by loan recovery agents at odd hours unacceptable: RBI Governor

Calling at odd hours and use of foul language by loan recovery agents is unacceptable, Reserve Bank of India (RBI) Governor Shaktikanta Das said on Friday.

Calling at odd hours and use of foul language by loan recovery agents is unacceptable, Reserve Bank of India (RBI) Governor Shaktikanta Das said on Friday. "In the context of customer service, another area which is engaging the attention of the RBI is the harsh recovery methods used by certain lenders, without having adequate checks and controls over their recovery agents," Das said at an event here.

He said the RBI has received several complaints from customers regarding odd hours calling by recovery agents. "We have received complaints of customers being contacted by recovery agents at odd hours, even past midnight. There are also complaints of recovery agents using foul language. Such kind of actions by recovery agents are unacceptable and pose a reputational risk for the financial entities themselves," he said.

"We have taken serious note of such instances and will not hesitate to take stringent action in cases where regulated entities are involved. Such complaints against unregulated entities will have to be taken up with appropriate law enforcement agencies," Das added. (ANI)

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