Commitment fees
Querist : Anonymous
The New Bank after transfer of loan account deducted a huge sum of money as Commitment Charge on the ground that the borrower did not utilise the threshold limit of 75% of the Cash Credit Limit and accordingly it is liable for payment of 0.50% of entire unutilised portion as the same is below 50%.
Is this legal or violative any specific provision of law or RBI Circulars in this respect.
Kindly advise.
Querist : Anonymous
Can you throw any light as to what the Law or RBI Circulars, if any, is saying on this?
I am planning to challenge this Commitment Charge and looking for a valid provision of law in support of this.
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