According to the norms formulated by RBI,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’.Furthermore,the central bank has deferred the implementation of norms regarding penal charges levied by banks and financial institutions to_________ , for new loans.
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.
Risks for which it is difficult for someone to get insurance is called?
Insurance is, thus, a financial tool specially created to reduce the financial impact of unforeseen events and to create______.
A policy that can be cancelled or have the premiums raised by the insurer on a specific anniversary date, subject to certain reasons written into the po...
How many Insurance Ombudsman are functional in India?
Which among the following is the oldest existing insurance company in India?
Which section of the Indian Insurance Act 1938 provides for nomination of a person?
Which of the following terms is NOT associated with insurance?
Which amongst the following is not an insurance company functioning in India?
Policy that can be cancelled or have the premium s raised by the insurer on a specific anniversary date, subject to certain reasons written into the pol...
The Institute of Insurance and Risk Management (IRM) was founded in which of the following year?