RBI Extends Deadline for Implementing Penalty Charge Regulations on Loan Accounts
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- Last Updated on 2 January, 2024
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Circular No. RBI/2023-24/102 DoR.MCS.REC.61/01.01.001/2023-24, Dated 29-12-2023
RBI has decided to extend the timeline for implementation of the instructions on ‘Fair Lending Practice – Penal Charges in Loan Accounts‘ by three months. Accordingly, REs shall ensure that the instructions are implemented in respect of all the fresh loans availed from April 1, 2024 onwards. In the case of existing loans, the switchover to new penal charges regime shall be ensured on the next review/renewal date falling on or after April 1, 2024, but not later than June 30, 2024.
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