No penal interest on missed loan payment, only charges https://ift.tt/je3VEU4 Reserve Bank of India (RBI) is set to cap the penal charges levied by the banks and non-banks related to loans payment missed by borrowers, bringing in enormous relief to borrowers who have been squeezed by usurious charges. The central bank has said that any penalty imposed by regulated entities will be "reasonable & transparent" and that lenders should not use it as a revenue enhancement tool.
Wednesday, February 8, 2023
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