Fair practices in recovery

This note summarises principles in plain words. It is not legal advice. The rules come from the RBI's directions on fair practices and recovery for NBFCs, which change from time to time: check the current direction, or ask Compliance, before acting on a point you are unsure of.

Principles

• Respect and privacy. Speak to the borrower politely. Do not discuss the debt with anyone other than the borrower, co-borrower and guarantor.
• Reasonable hours. Contact borrowers only at reasonable hours. Our own rule is 8 a.m. to 7 p.m.
• No intimidation. No threats, no abusive language, no public shaming, no contact with the borrower's employer or neighbours to put pressure on them.
• Identified agents. Anyone collecting for us carries an authorisation letter and identity card and says who they are.
• Clear information. The borrower can always ask for the amount overdue, how it was calculated and how to pay. Give it in writing if asked.
• Grievances. Every borrower can complain, and every complaint is recorded and answered.

Recovery agents

Agencies are empanelled only after due diligence and training. We remain responsible for what they do on our behalf.

In the app

Contact attempts are logged with their time. The Co-Pilot drafts notes for the officer to send; it never contacts a borrower itself.