It has been decided to extend the timeline for implementation of the instructions by three months. Accordingly, Regulated entities (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 the 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.Link – https://rbi.org.in/Scripts/NotificationUser.aspx?Id=12585&Mode=0
About the Author
