This directive comes days after external debt recovery agents Mahindra Finance 27-year-old pregnant woman allegedly crushed Hazaribagh Death due to being hit by tractor in Jharkhand’s district. A senior police officer told PTI that the agent was forcibly moving the company-financed vehicle for non-payment of dues.
“This action is based on certain material supervisory concerns observed in the said NBFC with respect to the management of its outsourcing activities,” reserve Bank of India Said today
However, the shadow lender can continue the recovery or forfeiture activities through its employees.
Soon after the incident came to light, Managing Director and Chief Executive Officer Anish Shah Mahindra GroupAssured cooperation will be provided to the officials during the investigation.
“We will investigate this incident from all angles and will also examine the practice of using third party collection agencies that exists,” he added.