India 360: RBI MPC Curbs Arbitrary Penal Interest On Loans For Consumer Protection, Watch This Special Report

Today Reserve Bank of India increased the repo rate by 25 bps to 6.50 per cent. RBI has hiked the interest rates for the sixth time in a row this year. Announcing the monetary policy, RBI Governor Shaktikanta Das said that that it has now been decided that the penalty charge for delay or default in loan repayment will be limited and transparent. RBI said that the penalty imposed by banks or NBFCs cannot be a source of income. Watch this special report on India 360.