Good news for loan customers. RBI has changed the loan recovery rules. The Reserve Bank has changed the recovery rules for loan customers. This will be implemented from January 1, 2027. Such steps have been taken keeping in mind the harassment and problems faced by customers during loan recovery. Attention has been paid to how banks and recovery agents will treat borrowers.
According to information, this will ensure that loan recovery agents give notice before coming to the customer. Similarly, they cannot call at any time. There is a rule to call the customer only between 8 am and 7 pm. If you call after this time, the customer’s consent will be required. Agents have been instructed to be sensitive. Agents will refrain from abusing, intimidating, or threatening the customer.
Similarly, the borrower’s information is prohibited from being disclosed to anyone else. Be aware of medical emergencies, problems, marriages or other family celebrations. Similarly, banks are prohibited from posting photos, personal information, videos, audio of the borrower on social media to create pressure. With this rule, the central bank aims to create a clean credit system along with customer protection.
