Mumbai
Mahindra & Mahindra Financial Services Ltd (MMFSL) has ceased to engage third party agents for recoveries in cases of loan default, following a directive by the Reserve Bank of India.
In a late night communication on Thursday, Mahindra Finance said it has a detailed policy in place for compliance of third parties with regard to repossession of vehicles.
In light of the recent tragic incident, we have stopped third-party repossessions and will further examine whether and how third-party agents will be used in the future, Ramesh Iyer, Vice Chairman and Managing Director, Mahindra Finance, said in the statement.
