Business News Update | Bank’s do not have the power to employ bouncers to recover loans

As reported by PTI, Union Minister of State for Finance Anurag Thakur stated that no bank has the power to employ bouncers in order to recover loans forcefully.

In accordance with the Reserve Bank of India guidelines, recovery agents are to be hired with proper police verification and other formalities required for the purpose of recovering loans. RBI has issued ‘Guidelines on Fair Practices Code for Lenders’ which are required to be adopted by banks, duly approved by their Board.

[Source: PTI]

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