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RBI PENALIZES BANKS
No GST on penal charges levied by banks, NBFCs and other regulated entities on loans, clarifies CBICNo GST on penal charges: The government has clarified that no bank, NBFC, regulated entities (REs) can charge Goods and Services Tax (GST) ...- RBI penalizes PNB, four other banks for regulatory non-compliance in first week of JulyThe Reserve Bank of India (RBI) has penalized five banks, including Punjab National Bank (PNB), for non-compliance with RBI directions. PNB...
- Rs 91 lakh penalty on YES Bank for wrongly levying non-maintenance of minimum balance charges: Is your bank charging the same?Minimum balance negative in savings bank account: RBI has imposed a penalty of Rs 91 lakh on YES Bank for not complying with the master dir...
- ET Explainer: What RBI's norms on penal charges mean for borrowersThe Reserve Bank of India (RBI) has implemented new guidelines on penal charges for loan accounts starting from April 1. These regulations ...
- New RBI rules on penal charges on loans: Will there be any upper limit/cap for imposing penal charges?the RBI stated that the transition to the new punitive charges regime should occur on or after April 1, 2024, but no later than June 30, 20...
- Penal charges in loan accounts: RBI gives 3 more months to banks, NBFCs to implement modified normsRegulated entities, which include banks and NBFCs, have been asked to ensure that the instructions are implemented in respect of all the fr...
- Banks, NBFCs to stop compounding penalty charges from April 1, 2024 as RBI extends deadlineThe RBI has released a circular extending the deadline to implement the revised guidelines on how banks, NBFCs are charge penal interest an...
- Are banks making a business out of punishing loan defaulters?The Reserve Bank of India (RBI) in August had instructing banks not to use penal interest rates as a revenue enhancement tool but rather to...
- Banks want norm barring penal interest rate deferred by three monthsLenders argued in a representation to the RBI earlier this month that penal interest rates lead to better credit discipline. They also said...
- Can bank savings account balance go into negative if minimum balance is not maintained?When an individual opens a savings bank account, he/she is required to maintain the minimum balance in the account as per the bank's policy...
- RBI stops banks, NBFCs from compounding penal interest on loansThe Reserve Bank of India (RBI) has issued a circular on August 18, 2023 on penal charges that banks and other lending institutions can cha...
- Lenders can't levy penal interest on loan accounts from January 1: RBIBanks and non-banking finance firms (NBFCs) in India have been barred from imposing penalties in case of any default of the contract's term...
- RBI's master circular on fraud: The principle of natural justice and the conundrum for banksRBI's Master Directions on Frauds was introduced to protect the interest of depositors and banks from increasing instances of frauds.
- RBI to cap penal charges on loans payment missed by borrowersThe Reserve Bank of India (RBI) is set to cap the penal charges levied by the banks and non-banks related to loans payment missed by borrow...
- RBI to review arbitrary penal charges on loans; to release draft guidelines soonCurrently, the penal amount levied varies within banks and also among NBFCs. The penal charges levied are arbitrary by the bank i.e, each b...
- Reserve Bank of India directs banks to report kisan vikas patra deals dailyThe new KVP rules came into effect from September 2014. The new Kisan Vikas Patra Scheme, is being implemented through designated branches ...
- Inform customers about fall in minimum balance: RBI to banksThe guidelines with respect to levying of penal charges for non-maintenance of minimum balance will come into effect from April 1, 2015.
- Zero balance in a/c need not worry you anymoreThe high court on Tuesday observed that banks recovering penal charges from customers not maintaining minimum balance in their accounts mig...
- RBI to charge penal interest for CRR defaultThe Reserve Bank of India (RBI), on Friday notified all scheduled commercial banks that it would charge penal interest for default in maint...
- Co-ops asked to iron out flaws within 4 months of inspectionThe Reserve Bank of India (RBI) has directed urban co-operative banks (UCBs) to remove irregularities pointed out in their annual inspectio...
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