Click to play videoNew Delhi: For 18 years, Lucky has been in the business of recovering loans for big private banks.
"We threaten people, we land up at their place and sometimes we even use third degree," says he.
But Lucky could be out of luck and a job soon.
New Reserve Bank of India's (RBI) draft guidelines say agents cannot verbally or physically harass a defaulter.
Customers who default on loans have to be given a notice period before repossession. They must be given details of the recovery agent they will be dealing with, who can call only from a notified telephone number.
Banks must try and use consumer courts for recovering loans under Rs 10 lakh. There has to be a clear re-possession clause in the contract.
The RBI has made it extremely clear that any bank not following these guidelines will be banned from using recovery agents.
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