The Reserve Bank of India (RBI) has issued directives to lenders to review their loan disbursal practices, specifically focusing on the application of interest and other charges. This move comes as part of an effort to enforce fair lending practices. The RBI has warned lenders against using unfair practices in charging interest and has advised banks to refund borrowers who have been overcharged. These directives align with the RBI's Fair Practice Code, aiming to protect loan borrowers from exploitative financial practices. PTI reported on these developments.
Why RBI has advised banks to refund borrowers for overcharging on interest https://t.co/zFiFEcbVQ5
The Reserve Bank of India (#RBI) has asked some banks and lenders to stop using unfair practices while charging interest from borrowers, PTI reported https://t.co/mmM3diZhwl
#RBI directs #lenders to review their #lending practices in line with #FairPracticeCode https://t.co/MBOJicXwai https://t.co/E7nZeBme1o
BIG Relief For Loan Borrowers! RBI Warns Lenders Against Unfair Interest Charging Practices - Check Full Details #RBI #Banks #Loans #InterestOnLoans #HomeLoans #PersonalLoans #PersonalFinance https://t.co/sOlT9e2xsc
News Alert | RBI: Asks lenders to review practices related to disbursal of loans, application of int, other charges @RBI #StockMarket https://t.co/weKQdi53EX