Mumbai: Reserve Bank of India on Wednesday [Sep 25] announced that it bans 0% interest rate scheme for buying consumer goods. All consumer good stores currently avail 0% interest rate scheme especially this scheme meant for consumers to buy goods in 0% interest rate at festive reasons.
Also, economical class people was getting benefited as they were buying goods through 0% interest rate installments.
Reserve Bank of India also announces no additional charges will be collected on debit card payments.
“Banks should not promote any consumer goods selling by making false schemes and interest rate structure of a product should be transparent in pricing mechanism. It is very important for the customer to take informed decision about buying goods,” RBI said in a notification.