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Daily Archives: August 21, 2023

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Penalty should be a charge, not penal interest that will be compounded: RBI

Loans and advancesBy Surendra NaikAugust 21, 2023

The Reserve Bank of India (RBI) took a significant step on Friday to ensure fairness and transparency in the disclosure of penal interest by saying that the penalty should be a ‘charge’ instead of an ‘interest’ that will be compounded. Through various guidelines, the banking regulator has issued various guidelines to the Banks and other…

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