The regulator said it has been observed that many REs use penal rates of interest, over and above the applicable interest rates, in case of defaults/non-compliance by the borrower with the terms on which credit facilities were sanctioned. The Reserve Bank of India said on Friday that the penalty imposed by regulated entities on customers for defaults and breaching conditions …
The Economic Survey 2019 delves into religion and mythology to provide a theological basis against loan defaults and for the uplift of women. “In India, where social and religious norms play such a dominant role in influencing behaviour, behavioural economics can provide a valuable instrument for change,” the Survey said. The Survey quoted Prophet Muhammed as having said: “O Allah, …
