To ensure fair lending, the Reserve Bank of India (RBI) has prohibited lenders from compounding penal interest arising from loan defaults with future repayments.The instructions issued by RBI in this regard will come into force from _______.
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.
Asmita owns two burgers, 'Veg' and 'Non-veg.' The Veg Burger was priced 140% above its cost, while the Non-Veg Burger was sold at a 40% loss. The total ...
Vaibhav brought a pen for Rs.2000. He sold it to Ravi at a loss of 20%. Ravi had to earn some profit, so he sold it to Vikas at 10% profit. If Vikas has...
The cost price of orange juice in bottle P is Rs. 68 per liter, and the cost price of orange juice in bottle Q is Rs. 48. When the orange juice in bottl...
A shopkeeper bought two articles for Rs. 900 each. If he sold one of them at 40% profit and the other at 25% loss, then find the difference between the ...
A man purchases some number of apples at the rate of 36 apple for Rs. 1. How many for a rupee did he sell to gain 12.5%.
The cost price of two dozen bananas is Rs. 48 after selling 18 bananas at the rate of Rs. 18 per dozen, the shopkeeper reduced to rate of Rs. 12 per doz...
A and B started a business by investing sum in the ratio 3:5 respectively for 10 and 12 months respectively. If annual profit earned by B is Rs.1600, th...
A purchased an article for Rs 3500. She sold the article at 12% profit. She then added Rs 500 to the amount received and purchased a purse such t...
'S' purchased two bags of rice for a total of Rs. 2,000. He sold one of the bags at a profit of 32%, and the other at a loss of 12%. If the overall prof...
Remi earns a profit of 20% on selling an article at a certain price. If she sells the articles for ₹. 8 more, she will gain 30%. What is the original ...