MUMBAI, India, Feb. 12 -- Reserve Bank of India issued the following press release:
Detailed instructions on matters related to engagement of recovery agents have been issued to Scheduled Commercial Banks (excluding Regional Rural Banks) and Housing Finance Companies currently. Upon a review, it has been decided to issue comprehensive instructions to all regulated entities on conduct related matters in recovery of loans and engagement of recovery agents, which inter alia cover aspects such as fair treatment to borrowers during recovery process, conduct of lender's employees and recovery agents, due diligence, training, code of conduct for recovery agents, etc.
2. Accordingly, in pursuance of the announcement made in the Statement on Devel...