If you have also taken a loan from the bank or are about to take it, then this news is for you. Actually, RBI has issued a new guideline regarding taking loan from the bank. Which is very important for the common man to know… Let’s know in detail in the news below.
To meet every need in life from home to car, getting loan from banks (Bank Loan Interest Rate) has become much easier than before. However, some citizens are no longer able to get loans easily due to some reasons.
But in the coming days, they will also start getting loans easily. The Reserve Bank of India (RBI) has drafted a bill to set up the National Financial Information Registry (NFIR). Its purpose is to increase the access of credit to the people and make it affordable. Economic Affairs Secretary Ajay Seth has given this information.
Economic Affairs Secretary Ajay Seth said that in the meeting of the Financial Stability and Development Council in September, Finance Minister Nirmala Sitharaman had discussed the proposal to set up a debt collector (repository). Seth told PTI after the budget that the Reserve Bank has already prepared a draft of the bill, which is currently being considered.
What is National Financial Information Registry?
The purpose of setting up the National Financial Information Registry (NFIR) is to create a public infrastructure for loan-related information. NFIR will provide correct information to the lending agencies. A National Financial Information Registry would serve as a central repository of financial and ancillary information.
The Finance Minister had said in his first budget speech that this would help in easy lending, increase financial inclusion and promote financial stability. Seth said that apart from having information about loans, the proposed NFIR would also hold ancillary information like tax payments, power consumption trends.
He said that if the lender does not have enough information, then it will create risk and thus the interest rate will increase. On the other hand, if the risks are well understood, the loan can be availed at a better price. He said the proposed entity would help in fair pricing of loans and reduce risk for all stakeholders.
