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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.
Which British official was responsible for the fatal attack on Lala Lajpat Rai?
Which river is the only natural water source that drains into a lake in the desert?
In which year, the British defeated the Marathas in Rohilkhand?
In which state of India, the ‘Cherchera Festival’ has been celebrated on the full moon night of the 'Paush' Hindu calendar month.
"Nua Khai - a harvest festival" is mainly celebrated in which state in India?
What thematic equity scheme did Kotak Mutual Fund launch?
Imphal is the capital of which state?
What is the value of the contract signed by the Ministry of Defence with Advanced Weapon Equipment India Limited (AWEIL) for remote control guns?
What is the target year for the Open Acreage Licensing Policy (OALP) to achieve its objectives?
In the recent Commonwealth Games held in Birmingham, Saurav Ghosal bagged the bronze medal in the event for____?
