This is with reference to the editorial “Unfair penalty” (Business Line, September 13). Certainly, floating rates are impacting home-loan borrowers due to frequent changes in interest rates, and have hit their shoestring budgets. Bankers, in order to protect their margins, have almost completely done away with charging of fixed rates and invoking reset clauses, which is difficult to digest. We are aware that banks are enjoying more income by levying high commission on all instruments they deal with, and for issuing statements from time to time. This is nothing but daylight robbery. On top of this, imposing penalties for pre-payment of loans is adding to the customers' misery. Banks should find out innovative ways to avoid this unpleasant situation. I daresay account-holders are entitled to this privilege?
K. N. V. S. Subrahmanyam (BS)
No comments:
Post a Comment