The move is one of the measures to enhance the customer centricity and also to enhance transparency measures. The possibility of levying any hidden charges by a lender on a loan will be greatly reduced because of this. The actual annualised interest rate will also include one-time charges and other charges that are levied by the banks and NBFCs.
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India Business News: The Reserve Bank of India (RBI) is introducing new measures to enhance transparency in the annualised interest rates paid by loan borrowers. Find out more about the RBI's initiatives and how they can benefit you.