March 26, 2008
Show AI Summary
Regulation of recovery agents mandates call recording, background checks and standardised training, plus public disclosure of agent lists.
The second draft prescribes recording of calls, publication of updated recovery agent lists on bank websites, periodic antecedent verification of agent employees including possible police checks, additional conditions for asset repossession, continuation of recovery where borrowers make frivolous complaints, use of credit counsellors for sympathetic cases, and nationwide training and a common examination for agents via IIBF or equivalent institutes; the draft is issued for public comments following earlier feedback.