Information on lending rates and fees will be disclosed from April 1
Reserve Bank of India (Photo: PTI)
Mumbai: The Reserve Bank of India (RBI) on Thursday asked banks to disclose more information on lending rates and fees for greater transparency to customers from April 1 on their websites.
The RBI said banks must display the range of interest rates on loans for the past quarter for different categories of advances along with the mean interest rate, the total fees and charges applicable on various types of loans.
Banks should publish the total cost of credit on a loan to an individual borrower on their websites to allow customers to compare the costs across products and lenders, the central bank said.
( Source : reuters )
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