New Delhi, Aug 7: The Reserve Bank of India (RBI) has tightened rules governing loan recovery practices, introducing safeguards against harassment of borrowers who default on EMI payments. The new norms require banks and other regulated entities to follow stricter standards while contacting borrowers, conducting recovery visits and using technology-based recovery mechanisms. Under the framework, lenders and recovery agents will generally be allowed to contact borrowers only between 8 am and 7 pm. The RBI has further barred lenders and recovery agents from misusing social media to pressure borrowers. The RBI said the measures are aimed at balancing lenders’ legitimate right to recover dues with borrowers’ right to fair and dignified treatment during the recovery process.