Viral Shah 18 February 2020

Laws applicable to NBFC

There is NBFC who has increase its rate of interest with prior intimation to borrower and is not responding ..
What be done ??

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Quick Summary

If an NBFC has increased your interest rate, even if it was fixed, they may be within their rights depending on contractual obligations. However, NBFCs are governed by RBI regulations and must adhere to a Fair Practices Code. If you believe the NBFC is engaging in deceptive practices or not responding to your concerns, you can consider filing a complaint with the Ombudsman.

3 Replies

SHIRISH PAWAR, 7738990900 (Advocate) 18 February 2020

Dear querist,

They can change the interest rate even if it is fixed interest rate.

Regards,

G.L.N. Prasad (Retired employee.) 18 February 2020

The query lacks clarity as to what exact response was expected by NBFC and to whom. Every lender retains the option of enhancing interest from time to time as per contractual obligations. If there is breach of mutual obligations filing complaint against NBFC is the only option.

(Guest)

Dear sir, any NBFC is governed by Rules , regulations, Master circulars etc issued by RBI in this regard. If you are aggrieved by any such deceptive malpractices of NBFC, you can approach Ombudsman. Every NBFC need to adhere Fair Practises Code as stipulated by RBI in this regard. Thank you Balachander Advocate 9959850723

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Laws applicable to NBFC

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