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Reserve Bank of India on September 22, 2022 banned Mahindra and Mahindra Financial Services Ltd. from carrying out any recovery or repossession activity through outsourcing arrangements (third party external agencies or collection agencies) till the ban is revoked by the RBI.
Important to note here that the regulator has however allowed Mahindra Finance to continue carrying out all such recovery or repossession activities through its own employees.
Before we delve deeper, we acknowledge that the incident which prompted RBI to take such a stand was very unfortunate and completely avoidable.
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