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The RBI stated that the transition to the new punitive charges regime should occur on or after April 1, 2024, but no later than June 30, 2024 in the case of existing loans.
Reserve Bank of India (RBI) has directed banks to stop charging penal interest rates on delayed loan repayments
The apex bank said the states will raise Rs 4.13 lakh crore in the fourth quarter. Besides Bengal, states such as Madhya Pradesh, Maharashtra, Gujarat, Bihar, Andhra Pradesh, Karnataka, Punjab and Assam are in the fray
The Reserve Bank on Friday granted three more months up till April 1, 2024 to banks and NBFCs to implement the modified norms for levying penal charges in loan accounts, as part of fair lending practice. In August, the central bank issued a circular on 'Fair Lending Practice - Penal Charges in
RBI regulated entities, which include banks and NBFCs, have been asked to ensure that the instructions are implemented in respect of all the fresh loans availed from April 1, 2024, onwards