If, for some reason you have not been able to pay one or two installments of the loan to the bank and due to which the recovery agents are constantly threatening you, then do not panic, but you also have some rights for this. Yes, according to the guidelines of RBI, no recovery agent can abuse you, cannot call you at odd hours, so if someone does this, then you can take legal action against him.

When people need money for some reason in life, they resort to loans. But then as soon as one or two installments (EMI) of the loan bounce, your phone starts ringing? In fact, the person on the other side of the phone threatens you, insults you and threatens to come to your home and see you? So if you are also troubled by this 'illegal torture' of loan recovery agents, then there is no need to be afraid.

Actually, the Reserve Bank of India (RBI) has given you, that is, every borrower, some such 'rights', which everyone should know. These rights can shut the mouth of these recovery agents. These special rules work as a 'safety shield' for the loan taker. So let's know those 5 rules which every borrower must know.

1. 'Laxman Rekha' of time

This is considered the first and the biggest rule. Yes, no recovery agent can call you before 8 am and after 7 pm. If it ever happens that someone harasses you or your family by calling late at night or early in the morning, then he will directly violate the rules of RBI.

2. Direct 'FIR' on abuse and threats

You should know that no recovery agent can use abusive language, abuse or any kind of physical or mental threats. Apart from this, threats of implicating you in false legal cases cannot be given. Doing this is a criminal case and you can file a police complaint against it.

3. Harassing family and friends is 'illegal'

If you have taken a loan, then the recovery agent cannot try to embarrass you by calling your relatives, friends or colleagues in the office and telling them about your debt. This is also a violation of privacy and is considered completely illegal.

4. Prohibition on creating 'tamasha' in home or office

Recovery agents can never come to your home or office without informing or without your consent. Neither can he shout in the neighborhood or create a ruckus in your office, this also comes under the category of a kind of harassment.

5. The agent will have to show his 'identity card'

Whenever a recovery agent comes to meet you or calls you, your first right is to ask him for his identity. You have every right to ask him for the bank's authorization letter and his own ID card. He cannot refuse to do so.

What to do if the agent breaks the rules?

If a recovery agent is repeatedly threatening you, then you never need to remain silent. First of all, make a recording of every call, it can work as a solid evidence for you. After this, send a written complaint to the nodal officer of that bank or NBFC and keep its email copy safe. If no action is taken in 30 days, then you can file an online complaint with the Banking Ombudsman of RBI. (Note: This article is for information only)