Business

Rbi Tightens After Alleged Murder Of Woman, Ban On Hiring Recovery Agents Of Mahindra Finance

The Reserve Bank of India today directed Mahindra & Mahindra Financial Services Limited to immediately stop any recovery through outsourcing agents. The Reserve Bank of India has directed that this financial services provider company can no longer use external recovery agents.

The central bank has taken this step after a pregnant woman died after she was allegedly crushed under the wheels of a tractor by a recovery agent of a finance company in Jharkhand’s Hazaribagh district. In this case, the local police have told media outlets that the officials of the finance company had not informed the local police station before going to the victim’s house for the recovery of the tractor.

Mahindra had expressed grief

Mahindra Group chief Anand Mahindra and company’s MD Anish Shah expressed grief when this incident came to light. He issued a letter and assured all possible help in this matter. The company had said that the practice of recovery of loans by third parties would be reviewed.

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