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Banks Rapped Over Penalty Waiver

Banks Rapped Over Penalty Waiver Banks Rapped Over Penalty Waiver

A member of Majlis Economic Commission has criticized the poor execution of a Central Bank of Iran directive by the banking network. Rahim Zare’ added that even though the directive, which ensures a penalty waiver for loans under 1 billion rials ($31,400), has been communicated belatedly, “public observations show that a number of banks are oblivious to it”, Banker.ir reported. The MP called the situation “unacceptable” and said CBI Governor Valiollah Seif and Economy Minister Ali Tayyebnia should respond accordingly. He also accused the banks, saying their focus is on “maximizing profits”. The directive, which exempts debtors who return the principal amount of their loans to banks from the penalties, has been extended for the coming year (starting March 21, 2017).

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