Loan borrowers take note! Banks not happy with RBI’s penalty charge guidelines instead of penal interest rates; seek more time
Several banks have approached the Reserve Bank of India (RBI) requesting a three-month deferral of a guideline that prohibits them from imposing penal interest rates on borrowers who fail to comply with loan contracts. The RBI issued this guideline in August, mandating banks to levy a charge instead of raising interest rates for non-compliant borrowers … Read more