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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.
SEBI shall consist of ………. members
Privity of Contract means :
The term fund has been defined under which section of the IRDA Act?
As per the Motor vehicles Act, who is considered as a "driver," especially when one motor vehicle is towing another?
_____________ as per the Motor Vehicles Act means a special purpose battery powered vehicle of power not exceeding 4000 watts, having three wheels for c...
As per the Motor Vehicles Act, The duty to give information about insurance as per S. 152 includes-
India was a party to Tokyo, Hague and Montreal Conventions:
Which one of the following is correct:
Specific relief Act can be granted for the purpose of
Indian Evidence Act, 1872 was enforced on :
