Penal charges
As per the RBI the consumers are allowed to pre-pay floating rate term loans without any fine. The RBI concluded that bank should not take undue advantage of customer difficulty. Instead of charging for non-maintenance of minimum balance in ordinary savings bank accounts the bank should limit the services available on such accounts to those [...] Continue Reading »
Reserve Bank of India (RBI) said floating rate home loans will be spared penal charges in case of prepayments. Besides the decision on home loans, the action points include measures to protect customer interest in unauthorized ATM transactions, and a policy for compensation to customers for mental harassment. The regulator for housing finance companies like [...] Continue Reading »
