The government has expressed concern over the rapidly increasing personal loans in India. Reserve Bank Governor Shaktikanta Das said that some components of personal loans of banks and non-banking financial companies (NBFCs) are seeing very fast growth.
He said that the Reserve Bank is keeping an eye on this. After this statement of the government, it will no longer be easy for people to take a personal loan. RBI Governor Shaktikanta Das was giving information about the decisions taken in the monetary policy meeting today.
During this, he has asked banks and NBFCs to strictly follow the rules while giving fast and easy personal loans and to strengthen the internal surveillance mechanism. He has also asked the banks to settle any fault in time.
In its latest sectoral growth data, the Central Bank said that the loan portfolio of Indian banks is growing rapidly. RBI said that this sector has grown by 30.8% on an annual basis. This figure was 19.4% at the same time last year.
While last year the total credit in this sector was Rs 36.47 lakh crore, it has increased to Rs 47.70 lakh crore this year. If we talk about April to August this year, it has increased from Rs 40.85 lakh crore to Rs 47.70 lakh crore. This growth is about 17%.
RBI has kept the interest rates unchanged at 6.5% for the fourth consecutive time. That means your EMI will not increase. RBI Governor Shaktikanta Das informed about the decisions of the Monetary Policy Committee today, Friday, October 6. The meeting of the Monetary Policy Committee started on 4 October.
