Further, instead of charging a fee for the non-maintenance of minimum balance amount, banks have been guided to reduce the scope of banking services to such customers. And in a case when the minimum balance requirement of the bank is complied by the customers, banks can once again provide all the usual banking services.

Also, the banks have been asked to allow term loan borrowers who borrowed at floating rate of interest to prepay with no prepayment penalty or foreclosure charges. However, EMI on bank financing shall remain the same as RBI kept the key policy rates that though determine the direction of interest rates in the economy unchanged. Know about the outcome of RBIs monetary policy meet and five quick takeaways herein.

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