RBI Curbs Loan Recovery Agents: No Calls After 7 PM, New Rules From July 1

• RBI bans loan recovery calls/visits between 7 PM and 8 AM, effective July 1.
• New guidelines apply to commercial, small finance, payment, regional rural, and local area banks.
• Agents must respect privacy, cannot contact relatives/friends, and are prohibited from abusive language or threats.
• Recovery agents cannot visit during sensitive family events; must provide ID and immediate receipt for payments.
• Banks are now responsible for policy formulation and complaint resolution regarding agent conduct.