RBI Guidelines on Recovery Agents
RBI regulations prioritize the dignity and respect of clients in debt collection procedures.
Excessively coercive bank policies are not permitted. Here are the key guidelines for
recovery agents:
- Contact at Preferred Location: Customers will be contacted at their preferred location.
- Authorization Letter: Bank representatives must carry an authorization letter if requested.
- Privacy Priority: Customer privacy is a priority.
- Respect for Preferences: Borrower's requests to avoid calls at specific times or places should be honored.
- Amicable Resolution: All efforts should be made to resolve issues peacefully.
Can You Complain to RBI?
Yes, you can. The Banking Ombudsman, established by RBI, handles complaints related
to bank services. You can complain if there's non-adherence to fair practices,
non-compliance with banking commitments, or violation of RBI guidelines on recovery
agents.
Filing a Complaint with RBI
- Direct Complaint: Submit a complaint against a Regulated Entity (bank/NBFC) for poor service directly or through an authorized representative. Complaint with Ombudsman: File a complaint with the Banking./li>
- Complaint with Ombudsman: File a complaint with the Banking Ombudsman after a written complaint to the Regulated Entity has been rejected, either in part or totally.
- Online Submission: Use the dedicated portal (www.cms.rbi.org.in) for online filing or send the complaint via email or postal mail to the Centralised Receipt and Processing Centre.
Banking Ombudsman Resolution Process
The Ombudsman attempts to assist, conciliate, or mediate disputes between the
complainant and the Regulated Entity. Actions may include facilitating meetings for
resolution. The Ombudsman is authorized to award compensation up to Rs 20 lakhs
and can also provide compensation for time, expenses, and mental stress.
Preventive Measures to Avoid Harassment
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To avoid harassment, take proactive steps:
- Open Communication: Communicate openly and honestly with the bank about your financial situation./li>
- Settlement Request: Request the consideration of a settlement at an affordable amount.
- Professional Assistance: Seek help from professional debt settlement companies like Loan-clear.com.
Loan-clear.com Assistance
Loan-clear.com specializes in negotiating settlements with creditors. We can tailor a
settlement plan based on your circumstances, potentially resolving your obligations
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[Loan-clear.com specializes in negotiating settlements with creditors. We can tailor a
settlement plan based on your circumstances, potentially resolving your obligations
within 90-120 days. Fill out an application and start getting help NOW!]
