RBI bars banks from charging prepayment fee on floating rate term loans

MUMBAI Wed May 7, 2014 12:27pm IST

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MUMBAI (Reuters) - The Reserve Bank of India has barred banks from levying foreclosure charges on individual borrowers for all floating rate loans with immediate effect, it said in a release on Wednesday.

(Reporting by Suvashree Dey Choudhury; Editing by Sunil Nair)

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