RBI directs M&M Finance to stop recoveries using agents
The central bank’s move came after reports that third-party loan recovery agents working on behalf of M&M Finance allegedly ran over a 27-year-old woman with a tractor in Hazaribagh district of Jharkhand, causing her death. The central bank added that it’s action is based on certain material supervisory concerns observed in M&M Finance with regard to the management of its outsourcing activities.
