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Informative
RBI walks the talk: NBFCs should cut usurious interest rates, high fees now
Update / Judgement Date
20 Oct 2024
Source
Author
Team — WCP Legal Desk
Reading Time
1 min read
Financial ManagementRBI
The Reserve Bank of India (RBI) is urging Non-Banking Financial Companies (NBFCs) to reduce high-interest rates and fees. This directive aims to protect consumers from usurious practices and ensure fair lending practices. The RBI’s stance reflects its commitment to promoting transparency and accountability in the financial sector. NBFCs are expected to comply with these guidelines to avoid regulatory action.
