RBI's Strict Rules for Loan Recovery Agents: Know Your Rights!

• Recovery agents can only contact borrowers between 8 AM and 7 PM; harassment, threats, or humiliation are illegal.
• Agents do not have police powers; borrowers should politely ask for their identity and the bank they represent.
• Loan information cannot be disclosed to family members without the borrower's explicit permission.
• If an agent crosses the line, record details and complain first to the bank, then to the RBI Banking Ombudsman.
• Borrowers should negotiate with the bank for payment options like EMI rescheduling instead of avoiding the loan.

Why It Matters: RBI guidelines protect borrowers' rights, ensuring a legal and humane loan recovery process.