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The Reserve Bank on Thursday said it will come out with a framework allowing borrowers to switch to fixed interest rate from floating interest rate, a move that would provide relief to borrowers of home, auto and other loans reeling under the impact of high interest rate. Unveiling the bi-monthly monetary policy, Reserve Bank Governor Shaktikanta Das said under the framework, to be put in place shortly, the lenders will have to clearly communicate with the borrowers about tenor and EMI. 'The supervisory reviews undertaken by the Reserve Bank and the feedback and references from members of publ...

In an effort to deliver end-to-end frictionless credit on digital mode to underserved regions, the Reserve Bank Innovation Hub (RBIH) is developing a Public Tech Platform, said Reserve Bank of India's (RBI) Governor Shaktikanta Das.Announcing ...

The Reserve Bank of India (RBI) is developing a Public Tech Platform for Frictionless Credit delivery through end-to-end digital lending processes, beginning with Kisan Credit Card and dairy loans. RBIH, the RBI's wholly owned subsidiary that accelerates innovation in the financial sector, is piloting its platform in five states and plans to expand its offering to include education loans, MSMEs, and vehicle and personal loans. It will allow lenders to tap into data on milk sales or land records to establish creditworthiness, speeding up the loan application process from its current two to thre...

Industry lobby grouping IBA's chairman A K Goel, who also heads state-run Punjab National Bank, said the move to impose a 10 per cent incremental cash reserve ratio will not impede the sector's ability to lend.