In the context of banking, DRA stands for Debt Recovery Agent. This term refers to agents authorized by banks and financial institutions to recover outstanding debts from borrowers.
These agents play a crucial role in the recovery process. To ensure ethical and professional practices, the Reserve Bank of India (RBI) mandates that all recovery agents obtain DRA certification. This certification helps to:
- Enhance skills: Equips agents with the necessary knowledge and skills for debt recovery.
- Promote ethical practices: Ensures adherence to fair and transparent recovery methods.
- Increase professionalism: Elevates the standards of debt recovery operations.
Becoming a certified DRA can significantly benefit a debt collection agent by improving their credibility and effectiveness.
