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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...