RBI actions for recovery agent harassment
New Delhi: RBI has imposed a fine of Rs 2.25 crore on financial services company Bajaj Finance. The Central Bank took action against the non-banking financial company for violating RBI (Reserve Bank of India) regulations. The Reserve Bank alleges that the recovery agent was harassed as part of the debt collection and failed to comply with FPC (Fair Practice Code) regulations. The RBI said it had taken action for violating the rules. In a notification, the central bank said it had received frequent complaints about the company’s recovery and recovery policy.
Bajaj Finance fined Rs 2.25 crore