Business

Mahindra Finance looks at the role of agents

Mahindra Finance on Friday conducted an audit of the hiring of third-party loan recovery agents after such an agent allegedly drove a 27-year-old woman with a tractor in the Hazaribagh district. of Jharkhand, crushing her to death.

The incident is said to have been reported by several local media outlets

One of them, Lagatar 24, reported on Friday that loan recovery agents had intended to foreclose on the tractor purchased with the loan, after a farmer living in Hazaribagh was unable to pay outstanding debts. . The farmer is said to have last notified the overdue amount via text message two days before four agents showed up to take possession of the tractor.

A conflict is said to have taken place after the farmer and his pregnant daughter left their home to meet with collection and payment officers. The agent is said to have run over to the woman after an argument when the farmer asked for the agent’s identity to be confirmed.

Mahindra Group MD and CEO Anish Shah said, “We are deeply saddened and concerned by the Hazaribagh incident. A human tragedy happened. We will investigate this incident from all sides and will also conduct an audit of the use of existing third-party collection agencies. We will extend all possible assistance to the authorities as they investigate this tragic incident and above all, we stand with the family in this sad moment.”

Banks and non-banking financial institutions often hire third-party collection agents to collect fees on loans and, if necessary, recover assets mortgaged for loans. loan amount.

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