https://www.taxtmi.com/caselaws?id=193666 Reserve Bank of India circulars and directions issued under the Banking Regulation Act, 1949 have statutory force and bind both banks and the Banking Ombudsman under the Scheme. The expression "term loan" is a banking concept meaning a loan for a fixed period repayable on a schedule, and its classification does not depend on the purpose for which the loan was advanced. The Ombudsman erred by limiting term loans to commercial loans and by proceeding without considering the relevant RBI directions. The award was therefore unsustainable, and the complaint had to be reconsidered afresh in light of the applicable RBI circulars and directions. en-us Tue, 25 Aug 1998 00:00:00 +0530 Fri, 11 Aug 2017 11:23:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193666 Reserve Bank of India circulars and directions issued under the Banking Regulation Act, 1949 have statutory force and bind both banks and the Banking Ombudsman under the Scheme. The expression "term loan" is a banking concept meaning a loan for a fixed period repayable on a schedule, and its classification does not depend on the purpose for which the loan was advanced. The Ombudsman erred by limiting term loans to commercial loans and by proceeding without considering the relevant RBI directions. The award was therefore unsustainable, and the complaint had to be reconsidered afresh in light of the applicable RBI circulars and directions. Case-Laws Indian Laws Tue, 25 Aug 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193666