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Mumbai: All lenders will now have to provide Key Fact Statement (KFS) about the terms of the loan agreement, including all-inclusive interest cost, to borrowers for retail as well as MSME loans, the RBI said on Thursday.
Currently KFS is specifically mandated in respect of loans by commercial banks to individual borrowers, digital lending by RBI-regulated entities (REs), and microfinance loans. Unveiling the bi-monthly monetary policy, Reserve Bank Governor Shaktikanta Das said the central bank has announced several measures in the recent past to foster greater transparency and disclosure by the REs in pricing of loans and other charges levied on customers.
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