business β³ RBI delays loan recovery rules till 2027
The Reserve Bank of India has postponed the implementation of its loan recovery conduct guidelines by three months. This decision was made after industry requests for more time to adapt to the new regulations. The norms, initially set for October 1st, are now effective from January 1, 2027. These rules aim to curb harsh tactics by recovery agents and banks when collecting dues. Furthermore, the RBI mandated a dedicated grievance redressal mechanism for borrowers. π¦