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 pace of India’s economic recovery has slowed down significantly after the second wave of the Covid-19 pandemic. Banks in the country have turned cautious after the second wave and have tightened lending even as companies and individuals are seeking more credit. At the moment, banks in the country have turned cautious due to a jump in loan defaults following …
