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By raising the risk weight on banks’ exposure to credit card debt, and cracking down on co-branded credit cards with lax due diligence, the central bank is looking to avert a credit card debt crisis, like the one the US could soon face.
The RBI last year increased risk weights on consumer loans in a bid to discourage rampant lending by both banks and NBFCs in unsecured loans
The cost of funds may increase by 5-10 bps in the fourth quarter after the RBI increased the risk weight on bank loans to non-banking finance companies, Shriram Group executive vice chairman Umesh Revankar said.
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The lender put aside a provision of Rs 182 crore to comply with the Reserve Bank of India (RBI) latest measure on alternative investment funds (AIF).