RBI updated the Master Direction

Sep 13, 2023 | by TeamLease RegTech Legal Research Team

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Industry Specific Compliance The Reserve Bank of India (RBI) on September 12, 2023, updated the Master Direction - Reserve Bank of India (Interest Rate on Advances) Directions, 2016.

The following provision has been revised:

• In Chapter II - General Guidelines, para 5 which states Penal Charges, has been substituted with the following:

As regards Penal Charges, banks shall be guided by Circular No. DoR.MCS.REC.28/01.01.001/2023-24 on “Fair Lending Practice - Penal Charges in Loan Accounts” dated August 18, 2023.

[Notification No. RBI/DBR/2015-16/20 Master Direction DBR.Dir.No.85/13.03.00/2015-16]

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