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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.