Women recovery agents to replace men

Now instead of heavily built, threatening collection agents bank loan defaulters will have to face smiling, soft-spoken women employed by banks as recovery agents.

Nearly 200 women across eight cities including Chennai have already been employed by Adhikrut Jabti Evam Vasuli, and are doing job for 20 nationalized banks and gradually their number is growing. A number of times SC has come down heavily on banks for using musclemen for recovering loans, replacing musclemen with women recovery agents looks much better option and have a bright future.

Adhikrut Jabti Evam Vasuli firm had started operation in Indore, now have offices in Tamil Nadu, MP, Rajasthan, Jharkhand, Chattisgarh, Orissa and Karnataka. The agency gives training to the agents in recovery of loans for immovable property. Firm gets around 800 assignments daily.

Vasuli joint managing director, Manju Bhatia, in an interview told TOI that the women recovery agents, consisting of 80% of the Vasuli staff, have changed the concept that recovery agents must be men with muscle power to persuade defaulters.

"Our principle is persuasion is better than prosecution. We make defaulters understand the problems they may face if they don't pay," Manju said.

Quoting instances in Chennai, Manju said, "We have recovered loans by seizing schools and hospitals worth Rs 20 crore. Ten women, assisted by a videographer and a photographer were involved in drive."

Manju said there are a number of reasons for the success of women agents. "Defaulters, who are generally men, find it embarrassing to be addressed by a woman and hasten to pay up large parts of the loan," she said, adding, "Those who find it easy to bribe male recovery agents realize that they can't do the same with women."