New Delhi: If recovery agents indulge in unlawful and questionable practices, the banks which depute those recovery agents will be held responsible, says Anurag Thakur.
In the reply to a question asked by Congress MP Karti Chidambaram on education loans and the functioning of collection agencies, Minister of State for Finance and Corporate Affairs said that the banks select their recovery agents.
“The recovery process for NPA accounts is regulated as per the RBI guidelines dated 24 April 2008 through which the RBI advise banks inter alia to ensure that the contracts with the recovery agents do not introduce adoption of uncivilised, unlawful and questionable behaviour during the recovery process,” the Minister said during the Question Hour in the Lok Sabha on Monday.
Anurag Thakur also said that the government has started the Vidya Lakshmi portal in 2015 to have a centralised platform for education loans.
“Students can avail education loans up to Rs 10 lakh for studies within India and up to Rs 20 lakh for studying abroad. They also get a window of 15 years and an additional one year of moratorium to repay the loan,” Anurag Thakur added.
