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RECOVERY AGENTS NORMS
RBI allows gradual device restrictions for EMI defaults, eases recovery agent disclosure normsThe Reserve Bank of India will permit lenders to restrict devices bought on EMI financing. These restrictions will be gradual and only afte...- RBI relaxes device-loan recovery normsThe Reserve Bank of India has updated its regulations on mobile loan financing. Lenders are now required to reinstate device functionality ...
- RBI bars banks from disabling mobile devices of defaulting borrowersBanks cannot disable borrower mobile phones and laptops for loan recovery. This new rule applies unless the devices themselves were finance...
- AI Doesn’t Reduce Work—It Intensifies ItOne of the promises of AI is that it can reduce workloads so employees can focus more on higher-value and more engaging tasks. But accordin...
- RBI proposes rules to let lenders disable phones for loan defaultsThe Reserve Bank of India is proposing to allow lenders to disable certain mobile phone functions for loan defaulters, specifically for dev...
- RBI draft norms mandate disclosure, curb harsh loan recovery practicesThe Reserve Bank of India has proposed draft guidelines directing banks and housing finance companies to follow stricter rules while using ...
- Customers to get safety net against small cyber fraudsCyber fraud: The steps proposed Friday include a proposal to compensate customers up to ₹25,000 for losses arising from small-value digital...
- RBI plans ₹25,000 cover for small digital fraud lossesThe Reserve Bank of India on Friday proposed a set of consumer protection steps to guard users against digital fraud, including a plan to c...
- UCO Bank withdraws circular on distribution of sweet packets to NPA borrowersUCO Bank initially directed its branches to distribute sweet packets to its top 10 non-performing borrowers but later withdrew the circular...
- Munnabhai redux: UCO Bank sends sweets to top 10 defaultersAfter the country's largest bank, the State Bank of India, another state-run lender, UCO Bank, has come out with a circular asking its bran...
- RBI proposes to bar recovery agents from calling borrowers before 8 am, after 7 pm"The underlying principle of the proposed directions is that the RE should ensure that outsourcing arrangements neither diminish its abilit...
- Loan recovery agents face RBI heat for unfair practicesEven as financial institutions are in the thick of action with regulations, the role of loan recovery agents is coming to light once again....
- RBI cracks down on strong-arm tactics employed by recovery agents“In view of concerns arising from the activities of these agents, it is advised that the regulator entities shall strictly ensure that they...
- Unable to repay loan? Here are rights you have as a defaulterEven if unable to repay a loan, one still retains the right to civil behaviour and fair treatment.
- RBI put measures to ensure banks accountable for service deficiencyReserve Bank of India, has put in place a series of measures to ensure that banks are held accountable for service deficiency.
- ICICI, HDFC Bank violating norms on recovery agents: GovtThe Government the banking ombudsman has received several complaints against private sector lenders including HDFC Bank and ICICI Bank of v...
- Relax! Loan recovery agents can't bully you anymoreBorrowers can now pinpoint the duties of a recovery agent; he/she can object if the agents fail to work within the framework given to them....
- RBI wants training for recovery agentsLike insurance agents, recovery agents, too, will have to undergo compulsory training to be eligible for the job.
- ICICI to grant relief to suicide victims' familyICICI Bank has decided to compensate the family of Prakash Sarvankar - the man driven to suicide by recovery agents of the bank - with an e...
- RBI can inspect outsourcing work of banksBanks, which outsource services to BPOs, will now have to incorporate a clause in their legal contracts with BPOs authorising RBI to carry ...
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