"“NPA’s are cause of our national concern and it is indeed a great hindrance towards maintaining a healthy economy”. RSL notes and shares the common concern and contributes towards reducing the NPA’s with a judicious, humble & dedicated approach.
S.C.Dey

Gone are the days of musclemen and goons employed by the Creditors who in the name of Recovery and Repossession of the assets have been breaking all peaceful and civic codes of conduct. RBI and particularly various courts of laws including Supreme Court condemned such illegal acts and have categorically specified clear guidelines protecting the Borrowers/Hirers from high handedness of such hit and run Recovery Agencies. In future, India may also anchor legislature similar to the Fair Debt Collection Practices Act (FDCPA) prevailing in the United States & Office of Fair Trading (OFT), the Regulatory body for Debt Collection Agencies in UK both regulating the activities of Collection & Recovery service providers (Collection / Recovery Agents).

On the outset the RBI has assigned the Indian Institute of Banking and Finance (IIBF) to formulate a 100 hrs Training programmed for the Debt Recovery Agents. The course curriculum of the Training is emphasizing International best Practices on Debt Recovery & Fair Practices Code for Debt Collection to be followed and adhered to by all the Resolution/Recovery/Enforcement Agents and their personnel.

According to the experts, “Recovery is both an art and science”. Primarily “Relationship based Recovery (RR)” and “Restructuring of the Assets” are more important and an essential tool for peaceful and civic Recovery procedures complying ‘Banking Codes and Standards Board of India (BCSBI)’ & ‘RBI’ Guidelines meticulously.

Considering above facts now we have redefined our present role of /Resolution/Recovery & Enforcement Agents as “Counseling Agent / Resolution Agent".

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