37. Directives to licencees

the maximum interest rates or amounts which may be charged by way of commissions, discounts, fees, penalties or other receipts or payments whatsoever;

method and manner of calculation of interest charged on loans or any other financial accommodations and the maximum interest rates to be charged on such loans or other financial accommodations;

collection of debt, including collection of debt through factoring or any other similar arrangement;

the nature and amount of the security that may be required or permitted for various types of loans or any other type of financial accommodation;

the minimum amount of capital or net assets to be maintained;

internal controls, risk management or principles of corporate governance to be adopted;

implementation of a code of governance and a code of conduct;

criteria to assess the fitness and propriety of-

the directors, key management personnel and shareholders in the case of a company;

the office bearers, in the case of a society; or

partners in the case of a partnership;

restrictions on structural changes to corporate and business affairs;

the form and manner of maintaining books and accounts or other records or documents;

the form and manner of disclosing information to customers;

the minimum requirements for educational and professional competence of employees of licencees engaged in credit, recovery, marketing, complaints handling, customer services and any other activity which involves interaction with the customers;

the maximum ratio the total debt of a borrower should bear to the total income of such borrower;

publication of any data, information, report including credit rating, financial statements, advertisements or any other marketing material in any print or electronic media;

regulation of market conduct, including business hours, use of agents and representatives, loan recovery practices and communication methods;

establishing credit counseling centers, to provide counseling and advisory services;

handling of customer complaints; and

regulation of moneylending and microfinance businesses carried out using any digital or electronic means.