News > RBI Orders Mahindra Finance To Cease Use Of Third-Party Recovery Agent
RBI Orders Mahindra Finance To Cease Use Of Third-Party Recovery Agent
Newsmobile | 23/09/2022 10:03 AM | Click to read full article
New Delhi: RBI in a statement added that “the Reserve Bank of India Act, 1934, directed Mahindra & Mahindra Financial Services Ltd. (MMFSL), Mumbai, to immediately cease carrying out any recovery or repossession activity through outsourcing arrangements, till further orders.”
The order comes days after a pregnant lady was allegedly crushed to death by a recovery agent trying to take a tractor away after the family failed to repay the loan installment in Jharkhand’s Hazaribagh district.