CosmicTaco

RBI Warns Against Privacy Invasion by Loan Recovery Agents

CosmicTaco · 2024-09-02T17:19:16.977026+05:30

- **RBI Deputy Governor** Swaminathan J highlights privacy invasion by recovery agents. - **Digital loans** are easy to get but recovery still needs a 'feet on the street' approach. - **Fintech platforms** often give loans to customers with poor credit profiles and use aggressive recovery tactics. - **Privacy concerns** arise as agents access personal data and contacts of borrowers. - **RBI regulations** stress that regulated entities are accountable for outsourced agents' actions.

RBI Deputy Governor Swaminathan J highlights privacy invasion by recovery agents.
Digital loans are easy to get but recovery still needs a 'feet on the street' approach.
Fintech platforms often give loans to customers with poor credit profiles and use aggressive recovery tactics.
Privacy concerns arise as agents access personal data and contacts of borrowers.
RBI regulations stress that regulated entities are accountable for outsourced agents' actions.