'Can't levy interest on loan amounts not received': RBI to Banks
RBI on Monday warned lenders to not levy interest from the date of loan sanction, instead of actual disbursement.
Source: indiatimes.com
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Stop Charging Extra Interest On Loan Amount Not Received, Refund Excess Charges To Customers: RBI To Banks
RBI has asked banks and financial institutions to follow fair practices in charging of interest on loans by them.
Source: india.com
Customer Rights Upheld By RBI: Banks Must Rectify Interest Charges, Refund Overcharged Customers
The RBI said unfair practices and other such non-standard practices of charging interest do not align with the spirit of fairness and transparency while dealing with customers.
Source: news18.com
RBI asks lenders to be fair and transparent in dealing with borrowers
Reserve Bank of India (RBI) has asked lenders to be transparent in their dealings with borrowers and show fairness while charging interest on loans, even as they enjoy complete freedom in the pricing
Source: domain-b.com
Why RBI has advised banks to refund borrowers for overcharging on interest
In the case of repayment of loans during a month, some banks were charging interest for the entire month, rather than only for the period for which the loan was outstanding. RBI recently found banks following several other unfair practices.
Source: indianexpress.com