The Reserve Bank of India (RBI) on September 29, 2022 has re-issued Master Directions on Non-Banking Financial Company – Peer to Peer Lending Platform (Reserve Bank) Directions, 2017. This has come into force on September 29, 2022.
The following has been stated namely: -
• Under the Risk Management practices for Outsourced Financial Services Certain Responsibilities of Direct Sales Agents (DSA)/ Direct Marketing Agents (DMA)/ Recovery Agents has been listed, the following responsibility has been inserted namely: -
“The NBFC and their agents shall not resort to intimidation or harassment of any kind, either verbal or physical, against any person in their debt collection efforts, including acts intended to humiliate publicly or intrude upon the privacy of the debtors' family members, referees and friends, sending inappropriate messages either on mobile or through social media, making threatening and/or anonymous calls, persistently calling the borrower and/ or calling the borrower before 8:00 a.m. and after 7:00 p.m. for recovery of overdue loans, making false and misleading representations, etc. Any violation in this regard will be viewed seriously.”
[Notification No. RBI/DNBR/2017-18/57]
