BANKING

Banks and non-banking finance firms (NBFCs) in India have been barred from imposing penalties in case of any default of the contract's terms and conditions. Under the Reserve Bank of India's (RBI) new rules, penal charges cannot be added to loan accounts, with such fees charged outside the account. The RBI move follows indications that there were different practices amongst lending institutions with regard to levying charges, often leading to customer disputes. While the new guidelines won't apply to credit cards or trade credits, they will take effect from 1 January.

from Banking/Finance-Industry-Economic Times https://ift.tt/PAfqy6o
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