COL: PINT Payment not considered in Compounding Value
(Doc ID 2706134.1)
Last updated on SEPTEMBER 04, 2020
Applies to:Oracle FLEXCUBE Universal Banking - Version 12.0.2 and later
Information in this document applies to any platform.
System calculating overdue interest with wrong compounding value
The account expired on 18/01/2020. As per product setup system should compound overdue interest quarterly. So, quarterly compounding date was on 31/03/2020. System compounded on right date but compounded value was wrong. It did not deduct liquidated amount from compound value. That’s why system was calculating and charging higher interest amount than actual in every month from date 31/03/2020.
System to reduce the liquidated amount of PINT (penalty on principal due) from the compound value
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