BIG! Banks Can’t Levy Penal Interest Now, Check RBI’s Latest Guidelines For Banks, NBFCs

BIG! Banks Can't Levy Penal Interest Now, Check RBI's Latest Guidelines For Banks, NBFCs

Banks and other lending institutions will not be allowed to levy penal interest with effect from January 1, 2024, says RBI in its notification on ‘Fair Lending Practice-Penal Charges in Loan Accounts’