Reserve Bank of India (RBI) on Thursday proposed norms which restrains regulated entities and their recovery agents from calling borrowers or guarantors before 8 am and after 7 pm for recovery of overdue loans.
The RBI suggested that regulated entities should put in place a board approved code of conduct for direct sales agents (DSA), direct marketing agents (DMA), and recovery agents. They should ensure that the DSA/DMA/ recovery agents are properly trained to handle their responsibilities with care and sensitivity, particularly aspects such as soliciting customers, hours of calling, privacy of customer information and conveying the correct terms and conditions of the products on offer.
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