I want to know ,
Are all the rules as & when declared by RBI binding on the Banks ?
I noted that RBI suggests but not binds the rules on Banks in customer relations matters.
But Banks fools the customers saying regulations are as per RBI rules which are forced to apply.
Banks doosare ke kandhe per bandook rakhkar goli chalati he.
Yaneki apana ullu siddha karati he.
I have taken loan from Stan Chart Bank under Home Loan Saver A/c.in the year Mar,2010.
as per following conditions:
1)Floating rate of Interest-agreed
2)No annual charges.agreed at the time of taking loan.
3)Pre-payment charges @ 2%-agreed
Immediately in the year Mar,2011,annual charges 1% applicable on the loan amt balance in the year.
The annual charges applicable on 31/03/2011 were waived by the Bank.
As the Bank to say this is the rules of RBI which we should follow.
as per my view it is not binding on Bank to follow the rules of RBI ,If the Bank already gives some benefit to customers.Banks must pass on to customers already enjoying the customers.Today RBI requests all banks not to charge prepayment charges.But still my Bank is not ready to give away prepayment charges.
Suresh Agarwal