business π‘οΈ RBI sets new ground rules for loan recovery calls
The RBI has introduced stricter loan recovery rules limiting borrower contact times to 8 a.m. and 7 p.m. for all lenders in India. This directive applies to banks and NBFCs starting January 1, 2027, as per the 2026 Amendment Directions. The rules mandate recording all recovery calls and prohibit abusive behaviour or misuse of borrower data. Lenders must also establish policies covering distress cases and loan-financed device restrictions. Compensation is set at βΉ250 per hour for wrongful device restrictions caused by the bank. π±