How RBI’s new loan pricing guidelines will affect customers
The Reserve Bank of India (RBI) has introduced a draft framework aimed at making loan interest rates more uniform and transparent for consumers. The plan suggests that all floating-rate retail and personal loans issued by commercial banks should be tied to an external benchmark, which would help ensure that changes in policy rates are passed on to borrowers more effectively. Additionally, the proposal includes setting maximum annual percentage rates for smaller loans and limiting fees charged on short-term agricultural credit.
by shortkt.com✓