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ravindralko

Is ti mandatary for all banks to disclose changes/fee charged by them for processing fee.what is RBI ruling in this regard.Is it applicable for all banks either private or govt.undertakind

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ravindralko

Is it mandatary for all banks to disclose changes/fee charged by them for processing fee.what is RBI ruling in this regard.Is it applicable for all banks either private or govt.undertakind

 

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Prasad GLN

According to my limited knowledge, RBI is not concerned and the general law of contracts state that any amendments must be communicated to the other party.  Generally, banks do publish such notices in their domain, display them in notice board, and publish it in leading newspapers or some banks send emails.

You can seek such information directly from CPIO,DOBD, RBI and can seek a copy of such notification if any.

Information solicited:

1. Please provide me a copy of guideline/directive that mandates all banks for communication on changes/ revision in processing fees to affected parties./stakeholders..

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ravindralko
According to my limited knowledge, RBI is not concerned and the general law of contracts state that any amendments must be communicated to the other party.  Generally, banks do publish such notices in their domain, display them in notice board, and publish it in leading newspapers or some banks send emails.
You can seek such information directly from CPIO,DOBD, RBI and can seek a copy of such notification if any.
Information solicited:
1. Please provide me a copy of guideline/directive that mandates all banks for communication on changes/ revision in processing fees to affected parties./stakeholders..
Sir I searched and found it.Thanks IDBI%200314675100003704_2.jpg

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Prasad GLN

Thanks for the feedback

RBI directives are Advisory in nature or as guidelines or directives and depending on such issue.

You can only find pieces of advice that  Banks must communicate about changes to borrowers.

But how to communicate (method of communication)  is a big question?

RBI do not  involve in these advisory matters, but these circulars help borrowers if they file consumer complaint before Consumer forums for deficiency of services..

 

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