India's Mahindra and Mahindra Financial Services (MMFSL) said on Friday its monthly vehicle recovery would temporarily fall by about 75%, a day after the country's central bank directed the company to stop using third-party services for repossessions.
People walk past a screen displaying Mahindra and Mahindra logo before the start of a news conference in Mumbai, India May 30, 2016. REUTERS/Danish Siddiquisaid on Friday its monthly vehicle recovery would temporarily fall by about 75%, a day after the country's central bank directed the company to stop using third-party services for repossessions.
The Reserve Bank of India late on Thursday directed the company to stop using third-party services for recoveries until further orders, citing "material supervisory concerns."Recent media reports said a 27-year-old pregnant woman had been crushed to death trying to stop a loan recovery agent, working on behalf of MMFSL, from seizing her father's tractor over loan dues.
The halt on vehicle recovery by the third-party agencies is not expected to have any material impact on its financials, the company said.
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