The Reserve Bank of India (RBI) has deferred the implementation of norms regarding penal charges levied by banks and financial institutions to April 1, 2024, for new loans. According to the norms, a penalty, if charged for non-compliance with the material terms and conditions of the loan contract by the borrower, should be categorized as ‘penal charges’. These charges shall not be levied in the form of ‘penal interest’ added to the interest rate on advances. Furthermore, no additional interest should be computed on such charges.
Who has been conferred with the Lifetime Achievement Award 2022 by the FICCI?
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Which of the following financial institution recently announced the opening of the first-ever Women-Only Digital Centre (DC) in India?
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When is ‘Siachen Day’ celebrated in India?
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VAT is levied on the price of a product or service at each stage of production, distribution, or sale to the end consumer. In the acronym 'VAT', A stand...
Which major index will include India’s bonds starting from September 2025?
