RBI Ends Restrictions on Debt Recovery Through Third Parties: Fin Services Mahindra Following Tragic Death Of Pregnant Woman

Following reports of a 27-year-old pregnant lady being crushed to death while attempting to block a loan recovery agent working for MMFSL from seizing her father's tractor over loan dues, the RBI took action in September, citing "significant supervisory concerns." Following the order in September, MMFSL shares fell more than 20% before recovering those losses by December.

RBI Ends Restrictions on Debt Recovery Through Third Parties: Fin Services Mahindra Following Tragic Death Of Pregnant Woman

Mahindra and Mahindra Financial Services announced on Wednesday that restrictions imposed on the business last year that restricted it from engaging outside services for loan recovery had been removed by the Reserve Bank of India. The company's submissions and its commitment to improve outsourcing contracts, recovery procedures, the onboarding of third-party agents, and its accountability framework led to the relaxation of limitations, the non-bank lender said in a regulatory filing.Following reports of a 27-year-old pregnant lady being crushed to death while attempting to block a loan recovery agent working for MMFSL from seizing her father's tractor over loan dues, the RBI took action in September, citing "significant supervisory concerns." Following the order in September, MMFSL shares fell more than 20% before recovering those losses by December.

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