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RBI Bank Loan Plan: Now taking bank loan will be easier than before. RBI is working on a new plan for this. The Reserve Bank of India (RBI) has drafted a bill to set up the National Financial Information Registry (NFIR). Giving this information, Economic Affairs Secretary Ajay Seth said that the objective is to increase access to credit and make it affordable. He 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). The Reserve Bank has already prepared a draft bill, which is currently under consideration. It aims to create a public infrastructure for credit 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.
Finance minister said this
The Finance Minister in his first budget speech had said that this would help in easy lending, enhance 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 added that if the lender does not have enough information, it will create risk and thus increase the interest rate. 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.
These banks had recently increased the interest rates
- According to Bank of Baroda (BoB), the one-month MCLR rate has been increased by 20 basis points to 8.15 per cent.
- The three-month MCLR due December 2022 increased from 8.05 per cent to 8.25 per cent. The six-month MCLR has been revised to 8.35 per cent from 8.15 per cent.
- The new rate has now been increased to 8.50 per cent from the existing 8.20 per cent for the maturity period of one year.
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