WIRE — The Reserve Bank of India (RBI) has issued new, stricter guidelines to curb the arbitrariness of loan recovery agents. The rules will be implemented nationwide from January 1, 2027 and will protect millions of borrowers across the country who take loans from banks and non-banking financial companies (NBFCs). Strict guidelines have been established to ensure transparency in the recovery process and prevent customer harassment. This development holds significance because there have been frequent complaints of misbehaviour and inappropriate calls from recovery agents. Furthermore, locked devices must be unlocked within one hour of loan repayment; otherwise, the bank will be required to compensate the customer.
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