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Articles for Res, search results for loans

RBI issues fresh guidelines asking banks, NBFCs not to levy penal interest on borrowers in case of default
1 year, 4 months ago

RBI issues fresh guidelines asking banks, NBFCs not to levy penal interest on borrowers in case of default

The Hindu  

Reserve Bank of India has issued fresh guidelines to the Regulated Entities such as commercial and other banks, Non-Banking Finance Companies and other lenders to ensure reasonableness and transparency in disclosure of penal interest. According to the new directive, penalty if charged for non-compliance of material terms and conditions of loan contract by the borrower would be treated as ‘penal …

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Lenders can impose penalty on defaults only as 'penal charges': RBI
1 year, 4 months ago

Lenders can impose penalty on defaults only as 'penal charges': RBI

Business Standard  

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 …

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New RBI rules to regulate penal charges on loans from next year
1 year, 4 months ago

New RBI rules to regulate penal charges on loans from next year

Live Mint  

The Reserve Bank of India has issued instructions for penal charges in loan accounts to ensure transparency in the disclosure of penal charges and interest rates in loan accounts. RBI has issued the following instructions 1)Penalty, if charged, for non-compliance of material terms and conditions of the loan contract by the borrower shall be treated as ‘penal charges’ and shall …

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Banks to face consequence for unacceptable practices of loan recovery agents
2 years, 4 months ago

Banks to face consequence for unacceptable practices of loan recovery agents

The Hindu  

In a major relief for bank loan defaulters, the Reserve Bank of India, taking into account certain recent developments including growing incidences of ‘unacceptable practices’ followed by recovery agents, has issued additional instructions to regulated entities by extending the scope of the guidelines and limiting the hours for calling borrowers on phone for recovery of overdue loans. These instructions will …

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