Guidelines on Fair Practices Code for Non-Banking Financial Companies - આરબીઆઈ - Reserve Bank of India
Guidelines on Fair Practices Code for Non-Banking Financial Companies
RBI/2007-08/158 October 10, 2007 All Non-Banking Financial Companies Please refer to our Company Circular DNBS (PD) CC No. 80 / 03.10.042 / 2005-06 dated September 28, 2006 wherein guidelines were issued to NBFCs (including RNBCs) for framing the Fair Practices Code. In terms of paragraph (ii) of the Annex to the Company Circular it has been prescribed under ‘Loan appraisal and terms/conditions’, that the NBFCs should convey in writing to the borrower by means of sanction letter or otherwise, the amount of loan sanctioned along with the terms and conditions including annualised rate of interest and method of application thereof and keep the acceptance of these terms and conditions by the borrower on its record. Yours faithfully ( P. Krishnamurthy) |