20 NOV,2023 | MEDC
RBI has raised risk weights on consumption loans, credit card exposures, and loans to non-bank financiers by 25 basis points each. This means that the borrowers of such loans need to pay more as lenders try to compensate for the increase in capital requirements. The aim is to incentivize banks to shift from unsecured towards more secured loans, thus reducing the volume of unsecured loans and checking the credit binge in the economy. The growth in some unsecured loans has outstripped total credit growth by a wide margin, and this does not bode well for the overall stability of our financial services sector. Vested interests may find loopholes to circumvent it, but it is a policy move in the right direction.
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