The Reserve Bank of India (RBI) has poured cold water on the hopes of consumer durables and electronic goods dealers looking to push sales with ‘zero per cent interest’ schemes this festival season. On Wednesday, the central bank banned such schemes for the purchase of consumer goods through credit cards. The RBI has asked banks to desist from practices that lure customers through attractively structured loan schemes at dealer outlets.
The central bank also wants banks to ensure that merchant establishments do not levy fees on debit card transactions. With regard to dealers/manufacturers offering discounted prices or a payment moratorium, the RBI said banks should not resort to any practice that distorted a product’s interest rate structure. The RBI has issued the directives to set right what it calls the “pernicious practices” of select banks which, it says, impinge on customer protection and accounting integrity.
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