Mahindra & Mahindra Financial Services Ltd. has been ordered by the Reserve Bank of India to immediately stop using outsourcing agents for any recovery.

Mahindra & Mahindra Financial Services Ltd. has been ordered by the Reserve Bank of India to immediately stop using outsourcing agents for any recovery.

The financial company is no longer permitted to utilize outside recovery agents, under a directive from the Reserve Bank of India.

This development comes after a pregnant woman in Jharkhand allegedly died after being run over by a tractor in the Hazaribagh district by a recovery agent for the lending business.

According to local police in Hazaribagh, before heading to the victim’s home to get the tractor, finance firm representatives did not notify the neighborhood police station.

Dr. Anish Shah, Managing Director and Chief Executive Officer of Mahindra Group, commented on the occurrence in a press release that this event will be thoroughly investigated, and the use of third-party collecting firms will also be looked into

News Mania Desk