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Hooliganism of Loan Recovery Agents, threatening to leak personal information of Defaulters by resorting to App


Hooliganism of Loan Recovery Agents, threatening to leak personal information of Defaulters by resorting to App 1

new Delhi: Manoj (name changed), who lives in Delhi, took a loan of 25 thousand rupees for medical emergency, but due to the cut in salary for the last 3 months, he is finding it difficult to bear the expenses of his daily life. Due to which he has not been able to repay his loan and now the loan recovery agents are not only threatening him by calling but also the discussion of not being able to repay the loan of 25 thousand has become common among all his relatives.

The thing is that Loan Recovery Agents themselves have done this by calling their acquaintances to shame them. Let us know that if you are thinking that this is wrong or how it can happen, then if you are taking or have taken a loan through the app (financial app), then it can happen to you as well.

Hooliganism will not be allowed for loan recovery, RBI warns ARC companies

Actually, applying for loan through app is becoming very easy and during the time of corona, while getting out of the house for people is like inviting trouble, in such a situation, most people are taking loans through digital platform. Huh. But while downloading these apps, they ask for access to your phonebook, which you give them comfortably. Due to which the lending companies are resorting to this phonebook for loan recovery from such loan defaulters.

Many people have complained about this to the police, while some people are not doing so because of confiscation of phone by the police. But let us tell you that this is a felony of financial institutions. Under the Information Technology Act, 2000, it is wrong to adopt such methods for loan recovery and at the same time accessing their contacts through the app would be considered a disturbance in privacy.

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The thing to note here is that Only last week, the Reserve Bank of India advised the Asset Reconstruction Company to avoid rude methods for loan recovery.. rbi i has asked these companies to adopt the ‘Fair Practices Code’. The code prohibits the use of uncivil and illegal methods of recovery. Not only this, there is also talk of transparency and fairness in the methods of recovery under this code.

With this, the RBI has directed that companies should provide training to the loan recovery agents for the work of recovery so that they can fulfill their responsibilities with sensitivity. Recovery agents should also be sensitive regarding aspects such as calling hours, confidentiality of information of customers, etc.


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