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The Reserve Bank of India has stated that banks and finance companies issuing credit cards should not resort to intimidation or harassment to recover dues.
"The banks or non-! banking finance companies (NBFCs) and their agents should not ! resort t o intimidation or harassment of any kind either verbal or physical against any person in their debt collection efforts, including acts intended to humiliate publicly or intrude the privacy of the credit card holders' family members, referees and friends, making threatening and anonymous calls or making false and misleading representations," the RBI said in its draft guidelines on Credit Card Operations.
When banks outsource credit card operations, they had to be extremely careful that the appointment of such service providers did not compromise with the quality of the customer service and the bank's ability to manage credit liquidity and operational risk.
In the choice of the service provider banks had to be guided by the need to ensure confidentiality of the customer's records, respect customer privacy and adhere to fair practices in debt collection.
Before reporting default status of a credit card holder to the Credit Information Bureau of India Ltd (CIBIL) or any other credit information company authorised by the RBI, the banks might ensure that they adhered to a procedure, duly approved by their board, including issuing of sufficient notice to such card holder about the intention to report him/her as defaulter to the Credit Information Company.
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