https://www.taxtmi.com/news?id=380 Reserve Bank prescribes that banks implement due diligence on recovery agencies and individual agents (including antecedent verification), disclose agency identity and contact details to borrowers, ensure agents carry bank authorization and identity documents, record telephonic communications, maintain grievance redressal mechanisms and refrain from forwarding accounts while legitimate complaints are pending. Contracts must not incentivise intimidatory conduct; agents should receive standardised training and certification; repossession clauses must be legally valid and comply with statutory enforcement procedures; and Reserve Bank may impose bans or supervisory sanctions for abusive practices. en-us Thu, 24 Apr 2008 22:10:00 +0530 Sat, 28 Jun 2008 13:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=380 Reserve Bank prescribes that banks implement due diligence on recovery agencies and individual agents (including antecedent verification), disclose agency identity and contact details to borrowers, ensure agents carry bank authorization and identity documents, record telephonic communications, maintain grievance redressal mechanisms and refrain from forwarding accounts while legitimate complaints are pending. Contracts must not incentivise intimidatory conduct; agents should receive standardised training and certification; repossession clauses must be legally valid and comply with statutory enforcement procedures; and Reserve Bank may impose bans or supervisory sanctions for abusive practices. News - Thu, 24 Apr 2008 22:10:00 +0530 https://www.taxtmi.com/news?id=380