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The Reserve Bank of India on Friday issued the draft norms related to the levy of foreclosure charges and pre-payment penalties on loans, inviting comments on the same by Mar. 21. The central bank said that its supervisory reviews had revealed "divergent practices" by the entities it regulates with regard to how they levy foreclosure charges and pre-payment penalties for loans made to micro and small enterprises. Further, certain lenders include restrictive clauses in their loan agreements that deter borrowers from switching to another lender.
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