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The RBI has invited comments on the draft directions from ETP operators, banks, market participants and other interested parties by May 31, 2024.

The RBI proposed stricter norms for recovery of overdue loans under which financial institutions and their recovery agents cannot call borrowers before 8am

"The underlying principle of the proposed directions is that the RE should ensure that outsourcing arrangements neither diminish its ability to fulfil its obligations to customers nor impede effective supervision by the supervisory authority," the Reserve Bank of India said after proposing stricter norms for recovery of overdue loans.

The RBI on Thursday proposed stricter norms for recovery of overdue loans under which financial institutions and their recovery agents cannot call borrowers before 8 in the morning and after 7 in the evening. Regulated Entities (REs) like banks and NBFCs should not outsource core management functions, including policy formulation and decision-making functions like determining compliance with KYC norms and according sanction for loans, said the 'Draft Master Direction on Managing Risks and Code of Conduct in Outsourcing of Financial Services'. 'The underlying principle of the proposed direction...

The Reserve Bank of India (RBI) has proposed stricter regulations for dealing with wilful defaulters. Under these proposed norms, banks and other lenders will be required to scrutinize all accounts with an outstanding amount of Rs 25 lakh or more to determine if the borrower is intentionally avoiding loan repayment.The RBI has released a 'Draft…