Guidelines for Loan Recovery Agents:

𝗧𝗵𝗲𝘆 𝗮𝗿𝗲 𝗹𝗲𝗴𝗮𝗹𝗹𝘆 𝗯𝗼𝘂𝗻𝗱 𝗯𝘆 𝗰𝗲𝗿𝘁𝗮𝗶𝗻 𝗴𝘂𝗶𝗱𝗲𝗹𝗶𝗻𝗲𝘀 𝗮𝗻𝗱 𝗰𝗮𝗻𝗻𝗼𝘁 𝗵𝗮𝗿𝗮𝘀𝘀 𝘁𝗵𝗲 𝗯𝗼𝗿𝗿𝗼𝘄𝗲𝗿𝘀 𝗶𝗻 𝗮𝗻𝘆 𝘄𝗮𝘆.

These include –

✅Banks must have a diligence process in place when it comes to engaging loan recovery agents and are responsible for all complaints filed against them.

✅Borrowers must be notified first regarding the details of the recovery agency

✅The agent must also carry the authorization letter and copy of the bank’s notice when meeting the defaulter

✅In case the borrower has complained, banks are not allowed to forward the respective case to a recovery agency until the said complaint has been solved/disposed of.

✅However, this is nullified if the bank is convinced with proof that the complaints are frivolous

✅The bank must also ensure that borrowers’ grievances regarding the recovery process are addressed appropriately.

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