If there is even a slight delay in repaying the loan, then the life of loan recovery people becomes haraam. But now it will happen because RBI has issued new guidelines for loan recovery. Let’s know about it in detail
New Delhi: Reserve Bank of India (RBI) has issued new guidelines for the unit giving loan through digital medium. In the guidelines given by the RBI, it was said that the institutions giving loans through digital medium should disclose about their agents already included in the panel, who can contact the borrower in case of non-repayment of the loan. . Along with this, before starting the debt recovery process, it has been asked to inform the customers about it. The RBI had tightened the rules regarding digital loans in August 2022 with the aim of charging excessive interest in lieu of loans from some units and curbing wrongful loan recovery.
Pool account will have no role
Whatever loans will be distributed and returned under the new rule, it is necessary that they will be between the bank accounts of the borrowers and regulated entities (banks and NBFCs). The pool account of loan service providers (LSP) will have no role in this. The Reserve Bank said that at the same time, if any fee is made for LSP, it will give the regulated unit and not the borrower. The central bank released frequently asked questions and answers on digital lending guidelines.
Information to be given in advance by e-mail/SMS
Regarding loan recovery agents, it says, “At the time of loan sanction, the borrower may be given the names of the empaneled agents who can contact him in case of loan default.” In case there is a delay in loan repayment and the recovery agent is assigned the responsibility of contacting the lender, the borrower must be informed in advance through e-mail/SMS about the responsibility assigned to the concerned agent .
RBI also said that in case of check bounce or non-payment on time, separate information should be given about the penalty fee. Are all loan service providers (LSPs) required to appoint grievance redressal officers, RBI said, adding that only those entities that deal with borrowers need to appoint such officers.
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