CA Sakchi Jain Instagram – Don’t let the bank scam you!!😱
Recently the Reserve Bank of India (RBI) has introduced immediate guidelines to ensure fairness and transparency in how banks charge interest. These measures address several unfair practices, including:
1. Charging interest from the loan sanction date rather than the actual disbursement date.
2. Charging interest for the entire month regardless of the actual loan period.
3. Collecting instalments in advance but charging interest on the full loan amount.
The RBI has mandated that all regulated entities review and rectify these practices, ensuring interest is charged fairly and accurately.
The RBI has also advised lenders to refund any excess interest collected and to use online transfers instead of cheques for disbursements. These steps are essential to protect customers and uphold transparent banking practices.
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#FairPracticesCode #RBI #LoanInterest #TransparentBanking #BankingRegulations #CustomerProtection #FinancialTransparency #LoanDisbursement #BankingGuidelines #LenderPractices #banks #casakchijain | Posted on 20/May/2024 18:39:30
