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Penalties

RBI Firm on Scrapping Pre-payment Penalty

RBI Firm on Scrapping Pre-payment Penalty
A person familiar with the plan told that there is a possibility that banks will be ordered to scrap penalty on pre-payment of all retail and small corporate loans and do away with fines for failure to maintain minimum balance if the recent ‘nudge’ does not work by the Reserve Bank. Since the entire system [...] Continue Reading »

RBI insists on doing away with Pre-payment Penalty

RBI insists on doing away with Pre-payment Penalty
The RBI may issue orders to scrap penalty on pre-payment of all retail and small corporate loans.  The central bank disputes the practice of charging pre-payment penalty on any loan since the entire system has moved to floating rates — be it deposits or loans — where rates are charged based on the prevailing markets, [...] Continue Reading »

Auto Fare Hike to affect Mumbai City Passengers

Auto Fare Hike to affect Mumbai City Passengers
The Commissioner of State Transport Department of Mumbai, V. N More announced that new revised auto fares will come into effect from this Sunday midnight. The commissioner was inaugurating a prepaid taxi service outside Dadar railway station. He said that the decree will come into effect in a couple of days and the signature of [...] Continue Reading »

Penalties levied against GHMC Streetlight Contractors over poor Maintainence of Light

Penalties levied against GHMC Streetlight Contractors over poor Maintainence of Light
Nearly 80 percent of the contractors hired by the Greater Hyderabad Municipal Corporation (GHMC) have to pay heavy penalties due to low maintainence of streetlights. The GHMC had awarded streetlights maintenance contract to 55 contractors by dividing them into packages. In each package 7,000 streetlights should be maintained by the contractor. And the contractor gets [...] Continue Reading »



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