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RBI Proposes Rules to Standardise Loan Interest Rate Setting by Banks, NBFCs

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The Reserve Bank of India is set to introduce new regulations aimed at bringing uniformity to how banks and non-banking financial companies set loan interest rates. The move targets the practice of lenders arbitrarily adjusting the spread component added over benchmark rates when pricing loans. Such discretionary tinkering has long been a concern for borrowers, as it can result in inconsistent and potentially unfair lending rates. The new rules are designed to increase transparency and protect borrowers from unpredictable rate changes. The standardisation effort is expected to apply uniformly across both scheduled commercial banks and NBFCs.

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RBI Proposes Rules to Standardise Loan Interest Rate Setting by Banks, NBFCs · ShortSingh