RBI issues revised penal interest guidelines for lending institutions w.e.f. 1st January 2024
August 22, 2023
RBI
RBI issues revised penal interest guidelines for lending institutions w.e.f. 1st January 2024 As per the existing guidelines issued by RBI, lending institutions had the operational autonomy to formulate Board approved policy for levy of penal rates of interest. RBI observed that many Lending Institutions use penal rates …