Stay informed about the recent RBI guidelines on fair lending practices and changes in penal charges for loan accounts. Learn about the treatment of penal charges, additional interest components, and board-approved policies. Ensure transparency in disclosure and communication of charges. Effective from January 1, 2024, these guidelines apply to various financial institutions. For more details, refer to the RBI circular dated August 18, 2023.
We are writing to bring to your attention the recent update from the Reserve Bank of India (RBI) regarding the reset of floating interest rates on Equated Monthly Installments (EMI) based personal loans. This directive, outlined in RBI Circular no. RBI/2023-24/55 dated August 18, 2023, pertains to all Scheduled Commercial Banks, Regional Rural Banks, Primary […]
