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Saturday, December 1, 2007

Fresh RBI norms to rein in recovery agents

MUMBAI: Taking cognizance of a surge in complaints against agents employed by banks to recover outstanding loans, RBI on Friday issued a set of draft guidelines that articulate how such agents ought to be governed. To start with, RBI has advised banks to go easy on recovery targets assigned to their agents. It also wants banks to desist from offering high incentives for meeting targets. Both of these practices, RBI reckons, are incentives for agents to employ intimidatory tactics to recover dues.

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