RBI customer norms 2014- RESERVE BANK OF INDIA ISSUED FRESH PRESCRIPTION FOR BETTER CUSTOMER SERVICE:
1. For calculating base rate ,the marginal cost of funds be factored if average maturity of deposit is lower.
2. Floating rate loan covenant to have interest rate reset periodicity and resets allowed on those dates only.
3. Sunset clause for benchmark prime lending rate,no extra spread/fees when customer shifts to base rate.
4. IBA to develop new benchmark for floating loans.
5. Publish interest rates,fees and charges on websites.
6. Provide annual percentage rate (APR) representing the total cost of credit on an annualized basis.
7. Uniform terminology to be used by all banks.
8. Standardized loan format for retail customers covering terms and conditions.
9. Benifit of interest reduction while pre-payments to be given on the day the money is received by bank
and not wait for the next EMI cycle dates.
10. Spread can only be increased if credit risk profile of customer deteriorates.
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