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To ensure fair lending, the Reserve Bank of India (RBI) has prohibited lenders from compounding penal interest arising from loan defaults with future repayments. Also, the penalty imposed by regulated entities (REs) on customers for default and breaching loan conditions are to be treated as penal charges are debarred from imposing such charges as penal interest, which is added to the rate of interest. These instructions will come into effect from January 1, 2024. These instructions will, however, not apply to credit cards, external commercial borrowing, trade credits and structured obligations covered under product-specific directions. The penal charges for loans sanctioned to individual borrowers, for purposes other than business will not be higher than the penal charges applicable to non-individual borrowers for similar non-compliance with material terms and conditions.
Atal Bhujal Yojana is a groundwater management scheme. The scheme is being funded by the Government of India and which of the following?
When will India become the third largest economy in the world?
In which year was Pranab Mukherjee conferred the Bharat Ratna?
Who composed the patriotic song 'Vijayi Vishwa Tiranga Pyara'?
Who had won the Tata Steel Chess India Blitz title for the year 2024?
The 'Varada Mudra' of Buddha signifies which of the following?
RBI extended regulatory restrictions in scam-hit Punjab and Maharashtra cooperative bank till _____________ 2022.
Which bank was Bharatiya Mahila Bank (BMB) merged with in 2017?
What was India’s rank in the 2024 Global Nature Conservation Index (NCI), and what was its score?
When was the Shanghai Cooperation Organisation formed ?