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<title>Loan Information Portal India : Banks gear up for agents norms</title>
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<span><a href="index.php">Home</a> > <a href="Contents_Articles.php">Articles Menu</a> > <a href="Loan-Articles.php">Other Articles</a> > Banks gear up for agents norms</span>
<div id="txt"><h1>Banks gear up for agents norms</h1>
<p>Banks are gearing up to meet the stringent norms on recovery agents that are likely to be laid down by RBI. However, a number of private and foreign banks are also critical of RBI's decision on action against banks, whose recovery agents' behaviour is not appropriate. </p>
<p>RBI on Tuesday said the regulator would consider imposing a ban on recovery agents, if it is found that they are resorting to abusive practices to recover loan. </p>
<p>
<a href="http://www.deal4loans.com/loans/banks/hdfc-bank-hdfc-ltd/">HDFC Bank</a> chairman Deepak Parekh said RBI's concern is justified as no society would allow recovery agents to take law in their hands for recovering money. A licensing system could be started to identify good agents and responsibility to recovery dues could be given only to licensed agents, he added.</p>
<p>Parekh said banks could outsource the recovery job to only responsible agents. He, however, maintained that <a href="http://www.deal4loans.com/loans/banks/hdfc-bank-hdfc-ltd/">HDFC</a> outsources only a small portion of its recovery business to private agency. </p>
<p>Foreign banks are also in the process of streamlining recovery businesses. CEO of StanChart Neeraj Swarup said only a small portion of its recovery business is outsourced. Also, the banks' agents need to follow a particular code of conduct, otherwise, they are subject to strict actions. </p>
<p><a href="http://www.deal4loans.com/loans/banks/sbi-state-bank-of-india-loan/">SBI</a> is already appointing 3,000 officers directly. These officers would be used in recovery of bad <a href="http://www.deal4loans.com/">loan</a>. Others like <a href="http://www.deal4loans.com/loans/banks/icici-bank-icici/">ICICI Bank</a>, IDBI Bank and Axis bank have also tighten the noose around recovery agents to ensure proper behaviour with defaulting customers. </p>
<p>CEO of a private sector bank said RBI's move will discourage banks to lend marginal borrowers, whose chances of defaults are high. CEO of a large foreign bank added that the decision will encourage willful defaulters. He said recovery agents become abusive in very few cases like one in a thousand.</p>
<p>Many bankers said they have already taken strong measures to curb any misuse by recovery agents. They said banks follow the "model policy on collection of dues and repossession of security" prepared by Indian Banks' Association. One bank said because of stringent conditions put on the recovery agents, their efficiencies have already gone down. </p>
<p>Citibank, ICICI Bank, StanChart, IDBI Bank and HDFC Bank among others have already told their recovery agents that if a complaint is received from customers, they will take action against them. </p>
<p>A banker said there was hardly any recovery done by agents. He said willful defaulters normally create a scene and file complaints against agents. </p>
<p> <b>Source :</b> Times Of India<br>
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