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Whether interest on loans and advances could be charged at varying periods ranging from monthly rests to yearly rests?

April 26, 2017advances charged Loans periods ranging Rests varying

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Whether interest on loans and advances could be charged at varying periods ranging from monthly rests to yearly rests?

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With effect from April 1, 2002 banks have been charging interest on loans and advances at monthly rests except in the case of agricultural advances (including short term loans and other allied activities) where the existing practice continues.