The Reserve Bank of India (RBI) on Wednesday lifted restrictions related to Mahindra & Mahindra Financial Services (M&M Finance) on recovery operations via third party collection agents.
“Based on the submissions made by the Company and its commitment to strengthen its recovery practices and outsourcing arrangements, tighten the process of onboarding third party agents and strengthen accountability framework as per its Board approved action plan, the RBI, vide its letter dated 4 th January 2023, has informed the Company of its decision to lift the aforementioned restrictions imposed on the Company with immediate effect,” M&M Finance said in a regulatory filing.
“On 22nd September 2022, the Reserve Bank of India (“RBI”) had directed Mahindra & Mahindra Financial Services Limited (“ the Company”) to immediately cease carrying out any recovery or repossession activity through outsourcing arrangements, till further orders,” the company said.
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