RBI has reined in agents regarding loan recovery, calls cannot be made after 7 pm, know the rule

-


RBI Rules for Loan Recovery: The Reserve Bank of India is bringing strict rules to prevent calls from agents coming at any time for loan recovery. As per RBI's proposed rule, if a customer defaults on loan installments, he cannot be called earlier than 8 am and after 7 pm for loan recovery.

Outsourcing does not reduce the liability of financial institutions

According to a report in the Economic Times, the RBI has said that even after outsourcing by a financial institution, its responsibilities are not fulfilled. It is also equally responsible towards the customers. Along with this, in this draft, RBI has talked about making rules for direct sales agents, direct marketing agents and recovery agents. This rule should be applicable to all three, public, private and NBFC.

The debtor cannot be threatened

To ensure the rights of consumers, RBI has directed financial institutions that recovery agents should not threaten or resort to coercion at the time of recovery. Apart from this, training should also be given on when and how to talk to the customer in a call or message during recovery. Apart from this, customers should not be insulted and their privacy should be taken care of.

RBI also asked financial institutions to avoid outsourcing critical functions

Along with this, RBI has also advised non-banking financial companies and banks to avoid outsourcing important policy management related functions like KYC regulations, loan approval etc. to other companies. RBI has said these things in its Draft Master Direction on Managing Risks and Code of Conduct in Outsourcing of Financial Services.

Comments

Post a Comment

Popular posts from this blog

Due to the ban, employment and economic activity declined by two to three percent

-
Image
New delhi date. October 7, 2019, Monday A new study has found that employment and economic activity have declined by two to three percent due to the ban. A similar situation has been observed in bank lending. The study found the decline to occur within two months of the notation announced on November 7. This is the first research on demineralization in which data on the effects of districts across India were collected. In addition to the districts, the effect of national level was also studied. Previous studies only examined the national level effect of demonitization. Thus, a full estimate of the overall effect is not known. As a result of the shortage of cash arising out of the blockade, the country's economic activity fell by approximately 8 percent in November-December 2 In the October-December period, bank credit has seen an impact of around two per cent. Cash pulls have impacted demand for a short period. The study found that there was a strong link between money and pro
Read more

Information about soymilk and casein products

-
Image
- Industrial guidance - Dhiru Parekh Soymilk: Soybeans are converted to high-quality protein. So that high quality drinks can be made which can be easily digested. There is no difference between soymilk and cow's milk. So the conservative industries of milk processing are now using this milk to make yogurt and ice cream. Consumers also cannot tell the difference between ice cream made from cow's milk and from soy milk. Also, the production capacity of soy milk can be increased than that of cow's milk. And the price can be cheaper. Soybeans mainly contain two types of enzymes that are inactivated in the soymilk process. Leukoxidase that catalyzes the oxidation of fatty acids. And enzymes like pepsin, trypepsin are included in it. Which helps in digesting protein. Soyamilk powder manufacturing process: This is an electric pre-heater system. which basically allows fluid to flow easily in a stationless tube under low-voltages. which absorbs the energy flowing through the Ja
Read more

The brokerage firm objected to SEBI's new proposal regarding Algo Trading

-
Image
MUMBAI: Brokerage firms and fintech companies have objected to market regulator SEBI's discussion paper considering all stock trading orders issued through Application Programming Interface (API) as separate trading, saying it could adversely affect the growth of such trading from India. Algo trading is considered to be an automatic buying-selling system based on algorithms. SEBI has recently said in a discussion paper that it would create a framework for regulating Algo trading by retail investors. A senior official of a brokerage firm said that monitoring of Algo trading is a need of the hour, but such an attempt could hamper the growth of Sebi Algo trading. He added that if the suggestions made in the SEBI discussion paper were implemented, it would be difficult for brokers to make the API available. About 70% of the daily trading volume in Indian stock markets is transacted through advanced forms of algo trading. Algo Trading came to India in the year 2006, but then only se
Read more