Business Standard

What borrowers should know about their rights against loan recovery agents

People who fail to repay their loans are not criminals and they can't be harassed

Photo: Shutterstock

Customers must read their loan agreements carefully. (Photo: Shutterstock)

Sanjay Kumar Singh New Delhi
You would have read or heard about the incident in Hazaribag district of Jharkhand in which a 27-year-old pregnant woman, a farmer’s daughter, was crushed to death under a tractor by a recovery agent. This happened as the agent tried to forcibly seize the vehicle on account of non-payment of dues.
With an estimated 1.5 million recovery agents belonging to around 75,000 agencies chasing borrowers across the country, incidents of harassment and intimidation are commonplace. “After Covid, once the moratorium was lifted, banks and non-banking financial companies (NBFCs) were under stress, and they in turn passed on

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First Published: Sep 23 2022 | 7:37 PM IST

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