On Blog post i.e. "On Home Loan repayment pre-payment penalty is off by Minister of State of Finance.", Mr. Narendra Rana comment as bellow:
RBI has done a press release on 17-Apr (http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=26314) wherein they have declared that banks should not charge fore-closure penalty, however, they are yet to issue any circular to any bank to this effect. The banks (mostly PSUs) who have waived the charges have done so on their own while most of the private banks are awaiting RBI's circular. Can anyone let me know who can I contact to get an Idea on when would this circular be released by RBI to all the banks? Till this circular is released, all the hoopla about waiver of pre-closure charges is a farce and looks like only a PR exercise to boost investor confidence.
Opinion:
Regarding pre-payment penalty off RBI has not yet issued a circular. On the other hand the RBI has issued a press release on 17th April about pre-payment penalty and other charges to waive from borrowers. The post information is on the version of State Finance Minister in Lokshabha orally not by any circular.
RBI has done a press release on 17-Apr (http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=26314) wherein they have declared that banks should not charge fore-closure penalty, however, they are yet to issue any circular to any bank to this effect. The banks (mostly PSUs) who have waived the charges have done so on their own while most of the private banks are awaiting RBI's circular. Can anyone let me know who can I contact to get an Idea on when would this circular be released by RBI to all the banks? Till this circular is released, all the hoopla about waiver of pre-closure charges is a farce and looks like only a PR exercise to boost investor confidence.
Opinion:
Regarding pre-payment penalty off RBI has not yet issued a circular. On the other hand the RBI has issued a press release on 17th April about pre-payment penalty and other charges to waive from borrowers. The post information is on the version of State Finance Minister in Lokshabha orally not by any circular.
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