RBI Tighten Unsecured Personal Loans
2023 • 12min • News • Business
Published On: November 21, 2023 - Borrowing personal loans is likely to become expensive for consumers as the Reserve Bank of India tightens the norm on the lending of unsecured personal loans. Earlier, RBI had shown concern regarding ballooning personal and credit card loans. The latest circular requires banks and non-banking finance companies (NBFCs) to increase risk weights on such loans. As per data from RBI, personal loans grew at 23% in August 2023, while credit card outstanding was pegged at 30%, compared to August 2022. Join News9's Shweta Kothari, Kartik Malhotra, and Amit Gupta, founder of Fintrekk Capital, for more on this story.