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While most PSU banks guided for a dent in profitability owing to this reason, impact on private banks could not be ascertained as most private players did not share data on this front.
RBI's new guidelines say that banks must treat penalties for non-compliance as ‘penal charges’. Banks cannot treat such penalties as revenue
The Reserve Bank of India on August 18 tweaked the norms related to banks imposing penalties on loan accounts for violation of contractual terms by the borrower.
To further enhance transparency, reasonableness and consumer protection, RBI will draft guidelines on levying penal charges, RBI governor said.
Filing income tax returns before the deadline is a must. However, if you have not here is how to deal with the situation.
In an interview to CNBC-TV18, Subash Lakhotia, Tax & Investment Consultant shared views on why one should stick to the deadline of July 31 to file I-T returns.
