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No Penal Interest on Loans From April 1; Check The New Rule Governing Loan Repayment

No Penal Interest on Loans From April 1; Check The New Rule Governing Loan Repayment
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New RBI rules on penal charges on loans: Will there be any upper limit/cap for imposing penal charges?

the RBI stated that the transition to the new punitive charges regime should occur on or after April 1, 2024, but no later than June 30, 2024 in the case of existing loans.

Reserve bankFair lending practiceCash creditMost important termsKey fact statementPenal charges on loansUpper limit on penal charges

RBI directs banks to stop charging penal interest

Reserve Bank of India (RBI) has directed banks to stop charging penal interest rates on delayed loan repayments

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Reserve Bank of India (RBI) | Bengal government plans to borrow Rs 59,955 crore in fourth quarter: Reserve Bank

The apex bank said the states will raise Rs 4.13 lakh crore in the fourth quarter. Besides Bengal, states such as Madhya Pradesh, Maharashtra, Gujarat, Bihar, Andhra Pradesh, Karnataka, Punjab and Assam are in the fray

Madhya pradeshUnion territoriesAndhra pradeshTreasury billsFair lending practicePenal chargesReserve bank of india rbiGovernment borrowingUnion governmentWest bengal government

RBI gives 3 more months to banks

The Reserve Bank on Friday granted three more months up till April 1, 2024 to banks and NBFCs to implement the modified norms for levying penal charges in loan accounts, as part of fair lending practice. In August, the central bank issued a circular on Fair Lending Practice - Penal Charges in

Bank onReserve bankFair lending practiceLoan accountRbi gives 3 more months to banks

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