Page 2 - Key Fact Statement News Today

RBI has released its Statement on various developmental and regulatory policy measures relating to Financial Markets, Regulations; and Payment Systems and Fintech.

RBI Governor Shaktikanta Das said this will provide customers with a clear idea of the actual annualised interest rate they pay on the loan

Rbi On Msme Borrowers: "Now, it has been decided to mandate all REs to provide the KFS to the borrowers for all retail and MSME loans," the Governor said.

The Key Fact Statement for retail and MSME loans is designed to provide customers with a clear understanding of the actual annualised interest rate and the overall financial commitment associated with the loan.

The RBI on Thursday announced that it is mandatory for regulated entities such as NBFCs to provide ‘Key Fact Statement’ (KFS) in a simple format to borrowers for all retail and MSME loans.

The RBI has mandated that all regulated entities provide a Key Fact Statement (KFS) to retail and MSME borrowers, ensuring greater transparency and enabling customers to make informed decisions

Industry stakeholders are of the view that this is a win-win situation for both lenders and borrowers. They expect it to bolster financial literacy, helping familiarise borrowers with key loan and financial terms, and raise financial awareness.

The Reserve Bank of India (RBI) kept the repo rate unchanged at 6.5 percent.

The central bank said all lending institutions will have to furnish all the charges, like processing fees and documentation charges, that are levied on the interest rate on a loan in the Key Fact Statement (KFS).

Mumbai: With the economic growth remaining resilient despite global headwinds, the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) on Thursday decided to keep the repo rate...