The
Reserve Bank of India today placed on its website (www.rbi.org.in)
draft guidelines for banks engaging recovery agents. The Reserve Bank has invited
views/comments on the draft
guidelines within a period of one month. Views and comments may be sent to
: Chief General
Manager-in-Charge Department
of Banking Operations & Development Reserve
Bank of India Central
Office Building, 12th Floor Shahid
Bhagat Singh Road Mumbai-400001 Views/comments
can also be faxed to :22705691 or e-mailed.
The
number of litigation of banks engaging recovery agents was on the rise in the
recent past. It was felt that adverse publicity might result in serious reputation
risk not only for the bank concerned but also for the banking sector as a whole.
An urgent need was, therefore, arisen to review the policy, practice and procedure
involved in engagement of recovery agents by banks in India. Reserve Bank has,
in this background, proposed to issue operational guidelines for adoption by all
commercial banks. The issue of extending similar guidelines to NBFCs, as appropriate,
is being considered separately. Alpana
Killawala Chief General Manager Press
Release : 2007-2008/733 |
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