 "RBI, borrowings, Indian economy")
The Reserve Bank of India (RBI) has lifted the ban on Mahindra & Mahindra Finance for outsourcing recovery and repossession agents with immediate effect, the non-banking finance company (NBFC) informed the exchanges.
On September 22, the regulator barred Mahindra Finance from carrying out any recovery or repossession activity through outsourced agents, after reports that a woman was crushed to death in Jharkhand’s Hazaribagh district, while she was trying to stop a loan recovery agent working on the company’s behalf from seizing her father’s tractor over loan dues.
Mahindra Finance said the ban was lifted after the company assured the RBI
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