business π¦ RBI aims for standard loan rates for all lenders
The Reserve Bank of India has proposed harmonizing interest rate regulations for banks and NBFCs to boost transparency. This move, announced on Wednesday, August 5, seeks uniformity in how lending rates are set across all regulated entities. The proposal aims to standardize practices like day-count conventions and benchmark reset dates. These measures are expected to improve loan pricing transparency and strengthen consumer protection across India. Draft directions incorporating these changes will be issued soon for public consultation. π¦