RBI MAY BAN RECOURSE TO RECOVERY AGENT

In the mid-term annual review of the annual monetary policy, the Reserve Bank of India (RBI) would consider imposing a temporary ban (or even a permanent ban in case of persistent abusive practices) for engaging recovery agents on those banks where strictures have been passed or penalties have been imposed by a High Court or Supreme Court or against its directors or officers with regard to the abusive practices followed by their recovery agents.