RBI asks for knowledge from the trade physique of India’s shadow banks after proposing a ban on revolving credit score, sources say.
Representatives of the Finance Business Growth Council (FIDC) — a consultant physique of upper- and middle-layer non-banking monetary firms (NBFCs) in India — met Reserve Financial institution of India (RBI) officers to pitch options to the proposed ban on revolving credit score, popularly referred to as flexi-loans, a pre-approved credit score line or overdraft facility that permits debtors to withdraw funds (as much as preset restrict) and pay curiosity solely on the cash borrowed, reasonably than the whole sanctioned quantity.
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