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'Not possible to do away with repossession agents': Mahindra Finance MD

'Specialised people' needed to ensure loan defaulters don't cheat company, says Ramesh Iyer in interview

Ramesh Iyer, Vice Chairman & Managing Director, Mahindra Finance ed
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Ramesh Iyer, vice chairman and managing director, Mahindra & Mahindra Financial Services

Manojit Saha
The Reserve Bank of India on September 22 barred Mahindra & Mahindra Financial Services from carrying out any recovery or repossession activity through outsourced agents, acting after reports that a woman was crushed to death in Jharkhand's Hazaribagh district, while she was trying to stop a loan recovery agent working on the company’s behalf from seizing her father's tractor over loan dues.

Ramesh Iyer, vice chairman and managing director of Mahindra & Mahindra Financial Services, spoke about the lessons from the episode and business growth in an interview to Manojit Saha.

Soon after the Hazaribagh incident, Anish Shah, Mahindra Group