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To ensure fair lending, the Reserve Bank of India (RBI) has prohibited lenders from compounding penal interest arising from loan defaults with future repayments. Also, the penalty imposed by regulated entities (REs) on customers for default and breaching loan conditions are to be treated as penal charges are debarred from imposing such charges as penal interest, which is added to the rate of interest. These instructions will come into effect from January 1, 2024. These instructions will, however, not apply to credit cards, external commercial borrowing, trade credits and structured obligations covered under product-specific directions. The penal charges for loans sanctioned to individual borrowers, for purposes other than business will not be higher than the penal charges applicable to non-individual borrowers for similar non-compliance with material terms and conditions.
Where was the Banded Royal butterfly discovered for the first time in India?
Which of the following National Parks and the rivers there is correctly matched?
How much long-term funding has IIFL Finance secured from Export Development Canada and Deutsche Bank, jointly?
Which state has recently become the first state to publish an encyclopedia based on tribal communities?
Which company is building the world’s largest data center in Jamnagar, Gujarat?
Which company has BHEL recently secured orders from for thermal power projects?
Who has won the singles title of the Indian Wells Masters?
Who has been appointed as the new General Manager of Central Railway?
What is the main objective of introducing Goods and Services Tax (GST) by a government?
_______ has been conferred with two DigiDhan awards instituted by Ministry of Electronics & Information Technology, Govt. of India, for achieving t...