Penal charges on loan accounts: RBI issues clarifications before new rules come into force; 6 key points to know
In its last circular, the RBI made its stand clear that the intent of levying penal charges is to inculcate a sense of credit discipline and such charges are not meant to be used as a revenue enhancement tool over and above the contracted rate of interest.
Disclaimer : Mytimesnow (MTN) lets you explore worldwide viral news just by analyzing social media trends. Tap read more at source for full news. The inclusion of any links does not necessarily imply any endorsement of the views expressed within them.
