Debt Recovery Agents are part of the
financial space all over the world. The Lenders turn too specialized teams for
recovery of their Non-Performing Assets.
Over the years, due to various
factors, Indian Debt Recovery Agents become very aggressive. Reserve Bank of
India was flooded with customer complaints on the rude behavior by the Debt
Recovery Agents.
To bring in professionalism into the
Debt Recovery process, Reserve Bank of India, in paragraph 172 and 173 of the
mid-term review of the Annual Policy for the year 2007-08, announced the
guidelines for Debt Recovery Agents engaged by Banks.
Reserve Bank of India has advised
the Indian Banks' Association to formulate, in consultation with Indian
Institute of Banking and Finance (IIBF), a certificate course for Debt Recovery
Agents who have undergone 100 / 50 hours of training.
The existing recovery agents had to within
a period of one year had to undergo the above training and obtain the
certificate from IIBF.
Going ahead, the service providers engaged
by Banks / NBFCs should employ only such personnel who have undergone the above
training and obtained the certificate for the purpose of recovery from IIBF.
The course has
been designed through a consultative process with senior executives of Indian
Banks Association (IBA) and banks.
Despite
RBI guidelines, significant number of banks’ recovery agents harasses
defaulters the age-old way.
Adhikrut Jabti Evam Vasuli Managed by TEAM OF YOUNG WOMENS came
into operation in the year 1998
