Loan recovery agents warned

 Markapur: Markapur subdivision police have issued stern warnings to recovery agents following recent complaints, with DSP U Nagaraju announcing strict legal action for violations of Reserve Bank of India (RBI) guidelines.

Following the directives of the SP V Harshavardhan Raju, DSP Nagaraju emphasised that recovery agents must comply with RBI regulations during loan collection activities. He said that those agents who physically or verbally threaten customers, harass them, or violate anyone’s privacy will face legal consequences.

He explained key RBI regulations include prohibiting recovery calls before 8 am or after 7 PM. He said that only trained personnel who display professional conduct are permitted to engage in debt collection. Threatening, harassing, or behaving indecently with borrowers violates strict RBI norms, he affirmed.

The DSP assured that cases will be registered against agents and banks failing to implement RBI guidelines, with stringent action to follow. He said that they have launched a special drive to prevent agents from collecting debts through sexual or physical intimidation of loan recipients. He stressed that recovery practices must respect borrower dignity while adhering to legal frameworks, ensuring the protection of citizens’ rights during debt collection processes.