The arrival of technological advancements in the Indian economy has opened doors to many opportunities across various sectors, but it has also presented numerous challenges. Like two sides of the same coin, technology is both a bane and a boon for our country. With the advent of technology, cybercrime and harassment have surged on digital platforms.
The RBI’s policies ensure fair banking practices, enhance security, and promote financial literacy, fostering consumer trust through grievance redressal, transparency, and effective resolution of financial disputes.
RBI rules ensure fair treatment during home visits by banks and financial institutions. Borrowers have the right to privacy, respectful interactions, and a proper grievance redressal process.
Fair lending practices ensure transparency and accountability in banking. RBI guidelines mandate reasonable penal charges, clear disclosures, and non-discriminatory policies, fostering responsible borrowing and lending.
Non-Performing Assets or NPAs in simple terms are those assets that are not bringing any profit to the Banks/ NBFCs. In banking terminology, it is a loan advance for which the principal or the interest payment has remained overdue for a period of 90 days.
The journey of borrowing and repaying loans can sometimes take unexpected turns, especially when financial challenges arise. To protect borrowers from unfair treatment, the Reserve Bank of India (RBI) has laid down comprehensive guidelines concerning the practices of recovery agents. Let’s delve into these guidelines and understand how they safeguard the rights of borrowers.