RBI wants customers to inform it if any bank is lending below the base rate. The new loan pricing regime or the base rate mechanism, which came into effect from July 1, bars banks from lending below the base rate, except for a few categories.
Customers can e-mail to RBI at helpdbod@rbi.org.in in this regard.
Farm loans, loans to banks’ own employees, loans against deposits and export credit are some sectors where sub-base lending will not amount to breach of guidelines, RBI had said.
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