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RBI issues fresh guidelines asking banks, NBFCs not to levy penal interest on borrowers in case of default

RBI issues fresh guidelines asking banks, NBFCs not to levy penal interest on borrowers in case of default
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New RBI rules to regulate penal charges on loans to come into effect from next year. Seven things to know

RBI issues guidelines for penal charges in loan accounts to ensure transparency and credit discipline. The new rules will be effective from January 1, 2024. ....

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RBI issues new guidelines for banks, NBFCs to regulate penal interest on loans

The new set of rules, which come into effect from January 1, 2024, are being introduced to promote fairness and transparency in the lending sector. ....

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Muthoot Finance Ltd completes pre-payment of ECB aggregating to USD 225 Million

Pursuant to the approval of the Finance Committee of the board of Directors of Muthoot Finance Limited, the Company has completed the pre-payment of external commercial borrowings to the tune of USD 225 million on April 13, 2023. ....

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Muthoot Finance approved pre-payment of external commercial borrowings of $550 million

Muthoot Finance Limited announced that the Finance Committee of the Board of Directors of the company in its meeting held today, i.e., March 28, 2023, has approved the pre-payment of external commercial borrowings of USD 550 million due on September 02, 2023 raised by the company under the GMTN Programme, via an exchange filing.

The disclosure is pursuant to Securities & Exchange Board of India ....

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