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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 new benchmark has the RBI introduced to replace MIBOR?
India has improved on the World Bank‘s Logistic Performance Index (LPI) 2023.It now ranks _____ from 44th on the index in 2018 in the 139 countries in...
Consider the following statement about India extended Line of Credit to Sri Lanka.
I. India has extended 8 Lines of Credit (LOCs) to Sri Lanka...
Dish TV India Limited’s DTH brand D2H, has brought __________ on board as its new brand ambassador. The cricketer will feature in 360-degree brand...
In September 2023, PepsiCo India announced to set up a new manufacturing plant in which state with an investment of Rs 778 crore?
Who won the 2022 Adelaide International 1 tennis tournament played in Adelaide, South Australia, Australia?
Chelonoidis phantasticus, recently discovered after a long time, is a giant species of____?
Prime Minister Shri Narendra Modi dedicated to the nation Hindustan Aeronautics Limited (HAL) Helicopter Factory in which city of Karnataka?
Which bank has been given the task of collecting revenue on e-GRAS portal from Assam government that will enable people of Assam to make their tax pay...
What was the aim of the Regional Search and Rescue exercise conducted by the Indian Coast Guard in Kakinada, Andhra Pradesh?
I. To conduct a real...