FAIR PRACTICE CODES FOR NBFCs
- NBFCs to issue sanction letter indicating loan amount and annualised rate of interest.
- NBFCs to issue notice to borrower for any change in terms and conditions. Any change in rate or charge to effected prospectively
- Decision to recall payment should be in consonance with the loan agreement.
- NBFCs to release all securities on repayment of all dues.
- In case borrower requests for transfer of borrowal account, NBFC to notify its consent or otherwise within 21 days from the date of receipt of request.
- NBFCs not resort to undue harassment in the matter of recovery of loans.
- Fair Practices Code based on the guidelines issued to be put in place by all NBFCs with the approval of their Boards within one month from the date of issue of this circular.
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