Live
- COP29 reaches global climate deal package
- Romanians vote in first round of presidential election
- Beijing braces for cold wave, rain, snow
- Gunman killed, three injured in shooting near Israeli embassy in Jordan
- BGT 2024-25: Bumrah, Siraj pick 3 wickets to put India on top after Jaiswal & Kohli smash tons
- Saira Rahman say stop tarnishing AR Rahman’s name ‘he’s a gem of a person’
- National Consumer Helpline gets 1,000 firms on board to fast-track resolution of complaints
- Samudrakhani’s ‘Mr. Manikyam’ First Look & Release Date Unveiled by Sunil Narang
- 29 sitting MLAs defeated in Jharkhand, 40 familiar faces to be absent from Assembly this time
- No cure for such mindset: BJP leader slams Shiv Sena(UBT) over Maha mandate remarks
Banks must be fair in conduct with consumers: RBI chief
RBI Governor Shaktikanta Das on Friday said banks and NFCs must be fair in their conduct and practices with consumers as this fosters confidence and public trust in financial institutions which strengthens their stability.
Mumbai : RBI Governor Shaktikanta Das on Friday said banks and NFCs must be fair in their conduct and practices with consumers as this fosters confidence and public trust in financial institutions which strengthens their stability.
He pointed out that RBI has issued guidelines on Key Facts Statement (KFS), penal charges in loan accounts, reset of floating interest rate in EMI-based personal loans, and release of movable or immovable property documents on repayment or settlement of loan accounts.
"However, we still come across instances of regulatory entities resorting to high-handed recovery practices, framing non-transparent loan contracts with inadequate disclosures of important terms or non-disclosure of charges, levying excessive interest rates, especially in microfinance loans," he lamented.
"Fair conduct is not just a regulatory requirement, it is a core business requirement. I am emphasising on this issue of fair conduct because conduct risks may arise even when the going is good, as it prevails now. Conduct risk needs to be seen together with risk culture," he added.
