One of the major reasons why you fell in the trap of loan is you did not have an Emergency Fund. Do not repeat this mistake. Build an Emergency Fund with whatever you can save on a daily, weekly or monthly basis. What to make it faster? Watch this!! youtu.be/3sF3rPfwAh8

RBI emphasizes that recovery agents should communicate with borrowers in a respectful manner, without invading their privacy or disclosing sensitive information. #simplicityandfinance

Budgeting is not about restricting yourself; it's about empowering yourself to avoid unnecessary loans and secure a financially stress-free future. #SimplicityandFinance #budget #loanapp

Recovery agents employed by banks or financial institutions must carry proper identification and authorization documents while approaching borrowers for debt collection. You must ask for it!! @https://www.youtube.com/channel/UCziDsMrJ57hJKjbccvrylzw #simplicityandfinance

Parents need to teach their kids about money. It will either be parents, or it would be a credit card pusher on their child's first day at job. If you want to protect your kids, you need to send them out into the world with some knowledge.

RBI mandated that all recovery agents must undergo training and certification to understand the appropriate debt collection practices and adhere to the Fair Practices Code (FPC) set by the RBI. So, you can report them if they not FPC. #simplicityandfinance

Let's foster responsible choices n empower youth for a brighter future! Say NO to ads promoting gambling-like Ludo games for money. Let's inspire them to learn the art of wealth building instead of risking their hard-earned money! #ResponsibleGaming #EmpowerYouth Paytm

Agents are strictly prohibited from making threats of violence or causing harm to the borrower, their family members, or property. Coercive actions are not permitted during the debt collection process. Come and join @Simplicityandfinance at youtube.com/channel/UCziDs…

Agents must maintain the privacy and confidentiality of the borrower's information. They are not allowed to disclose details of the debt to anyone other than the borrower without explicit permission youtube.com/channel/UCziDs…

Agents should not interfere with the borrower's business or occupation while conducting debt recovery. This includes refraining from threatening to publish negative credit information or taking actions that may harm the borrower's reputation. #SImplicityandFinance

Recovery agents are not allowed to seize or threaten to seize the assets of the borrower unlawfully. They should adhere to the legal process of debt recovery. #simplicityandfinance

Remember, a loan today could mean worries tomorrow. Choose wise spending over borrowing. #simplicityandfinance #creditcard #LOAN

Recovery agents must not make false representations or provide misleading information to the borrower regarding the consequences of non-payment or the actual amount owed.

Recovery agents should only contact borrowers between the hours of 7:00 a.m. and 7:00 p.m., unless the borrower has agreed to be contacted at a different time. #simplicityandfinance

Lending institutions must have a dedicated complaint mechanism to address any grievances related to recovery agents' behavior. Borrowers can report any misconduct or harassment through this channel. #simplicityandfinance

Speak up about recovery agents harassment. Share your experience on social media platforms, tagging the lending institution and RBI, as this can sometimes prompt a quicker response.

Keep a record of all forms of harassment from your banks and credit card companies. If they're not in compliance with RBI's guidelines, lodge a complaint with the bank or ombudsman. If still nothing happens, have a legal notice sent to them. #RBI #creditcard

Happy Independence Day to All My Brethern and Sisters! 🇮🇳 Let's be truly free from personal grudges, hatred, poverty and keep our country in our Heart all the time!! #IndependenceDayIndia #IndependenceDay2023 #IndianFlag #India

Now the next victims will be doctors. Ufff...

RBI to set up Digital India Trust Agency to check illegal lending apps business-standard.com/finance/news/r…