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RBI issues fresh guidelines asking banks, NBFCs not to levy penal interest on borrowers in case of default thehindu.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindu.com Daily Mail and Mail on Sunday newspapers.
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.
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.