RBI: Now this new rule will be implemented from October 1, it is important for you to know

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Internet Desk. If you are planning to take a loan in the coming days, then this is useful news for you. The news is that now the loan rules will be changed by the Reserve Bank of India. A rule of the bank is going to come into effect from October 1.

According to the news, if you take a loan from the bank after October 1, then you will have to face the new rules of the Reserve Bank of India i.e. RBI. RBI rules are changing only on certain types of loans. Information in this regard has been given by the Reserve Bank of India. RBI informed in this regard that the rules of retail and MSME loans of banks and NBFCs are changing from October 1.

In this regard, the country’s top bank said that from October 1, the borrower will have to give complete information about the loan agreement including interest and other costs.
It has been made mandatory by the Reserve Bank of India to provide complete information about loan agreements given by commercial banks to individual borrowers, digital loans of units coming under the purview of RBI and small amount loans.

In this regard, a statement was given by the Reserve Bank of India that such a decision has been taken to harmonize the instructions on KFS for loans. This big step is being taken by RBI to increase transparency regarding the products of all financial institutions coming under the purview of Reserve Bank of India and to provide complete information about loans to the customers. After the introduction of this rule, the loan taker will be able to take financial decisions thoughtfully.

PC:moneycontrol

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