A Recovery Agent is an individual or agency appointed by a bank or financial institution to recover overdue loans or unpaid dues from borrowers.
Recovery Agents act on behalf of banks to follow up with borrowers who have defaulted on loans or credit payments. Their role includes reminding, negotiating, and facilitating repayment of dues.
In India, recovery practices are regulated by the Reserve Bank of India, which has issued strict guidelines to ensure fair and ethical conduct.
"If a borrower misses several EMI payments, the bank may assign a recovery agent to contact them and arrange repayment."