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In India, the use of recovery agents by banks has long been a contentious issue. These agents, often outsourced by banks, have been accused of using aggressive and unethical practices—including harassment, intimidation, and violating borrower privacy. The recovery practices are very strict in Private Banks while public sector banks are working for the welfare of public. Let’s have a look at the amount of money spent by Public Sector Banks on recovery agents.
| Bank Name | Expenditure (₹ crore) | Number of Recovery Agents |
|---|---|---|
| Bank of Maharashtra | 2019–20: ₹14.26 2023–24: ₹31.08 | 2022–23: 476 2023–24: 547 |
| Central Bank of India | 2019–20: ₹2.42 2023–24: ₹5.87 | 2019–20: 184 2023–24: 279 |
| Indian Bank | 2021–22: ₹33.20 2022–23: ₹59.40 2023–24: ₹68.74 | Approx. 900 agents |
| Punjab National Bank | 2019–20: ₹37.03 2023–24: ₹49.62 | 2019–20: 514 2023–24: 590 |
| Bank of Baroda | Data not provided | Data not provided |
| Bank of India | Data not provided | Data not provided |
| Canara Bank | Data not provided | Data not provided |
| Indian Overseas Bank | Data not provided | Data not provided |
| Punjab & Sind Bank | Data not provided | Data not provided |
| UCO Bank | Data not provided | Data not provided |
| State Bank of India | Data not provided | Data not provided |
| Union Bank of India | Data not provided | Data not provided |
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