RBI Cracks Down on Recovery Agents: New Rules Protect Debtors from Harassment

• RBI issues new draft rules to curb harassment by recovery agents, effective July 1, 2026.
• Mandatory IIBF certificate for all recovery agents to ensure professional conduct.
• Banks prohibited from sharing full personal details with agents; only necessary information allowed.
• Recovery agents cannot pursue cases if a debtor's complaint is pending with the bank.
• Strict contact timing rules: no calls or visits at odd hours or during special occasions.