Banks and NBFIs have been instructed by the central bank to waive fees and interest on delayed repayments for loans, savings schemes, and credit card bills from July 18 to July 25 due to recent country-wide unrest. This directive aims to support clients who may have missed payments amidst internet shutdowns and curfews. Institutions must not penalize clients if dues are settled by the end of this month, and they cannot reduce promised profits or interest on deposits. The measure, effective immediately, applies universally to credit card users, loan borrowers, and savers. Many banks have already opted to comply, refraining from charging any additional fees or interest during this turbulent period.
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