business π‘οΈ RBI cracks down on loan recovery harassment
The RBI has introduced comprehensive new guidelines to protect borrowers from harassment during loan recovery processes. These strict rules apply to lenders and recovery agents across India starting January 1, 2027. The framework mandates that recovery calls are limited to 8 AM and 7 PM, and prohibits abusive language or public shaming. Furthermore, remote locking of financed devices can only occur after a loan is overdue for 60 days. Once dues are cleared, lenders must restore full device functionality, or face penalties. π±