Himani Chowdhary Instagram – ⚠️ The Reserve Bank of India (RBI) recently imposed ₹1 crore penalty on HDFC Bank due to violating Loan Recovery Guidelines
It includes harassment by recovery agents and failing to respect borrower privacy
Here’s a breakdown of the rules and how you can take action if you’re facing harassment from recovery agents
▪️ RBI Guidelines on Recovery Agents ▪️
1) Restricted Contact Hours:
Recovery agents are only permitted to contact borrowers between 7 a.m. and 7 p.m.
2) Respect for Privacy:
Harassment, public humiliation, or using unethical methods to recover dues is against the law.
3) Proper Identification:
Recovery agents must carry proper identification and authorization from the lender when contacting borrowers.
4) Humane Treatment:
Borrowers should be treated with dignity. Aggressive tactics like physical intimidation or verbal threats are not allowed.
▫️Legal Rights of Borrowers ▫️
1) Right to Identity Verification:
Borrowers can ask recovery agents to verify their identity and the loan details they’re collecting on.
2) Filing Complaints:
If you’re harassed, file a complaint directly with the bank. You can also complain to the RBI through this website ⬇️
cms.rbi.org.in
3) Legal Action:
Under IPC Sec 294 & 506, borrowers have the right to approach courts if harassed by recovery agents
Keep a record of dates, times, emails, any aggressive actions. Make sure to record a video if they visit
Make sure to download the correct RBI Guideline, link is in my Broadcast Channel 🔗
The RBI is clear in its directives and is very active in solving that.
HDFC Bank’s penalty serves as a reminder that financial institutions must uphold ethical practices. | Posted on 23/Sep/2024 16:30:00
