RBI Bans 0% Interest Rate Scheme for Buying Goods

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.

RBI Bans 0% Interest Rate Scheme for Buying Goods

“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.

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