'Banks not required to inform about rate change in floating plan': NCRDC

NCDRC said that the borrowers have already agreed to such fluctuations while executing loan agreements

Under the floating rate plan, the banks will not be required to inform each borrower individually about any automatic change in interest rates, the National Consumer Disputes Redressal Commission (NCDRC) has ruled. It said that the borrowers have already agreed to such fluctuations while executing loan agreements, a report by the Economic Times (ET) said. 

"A bank can increase or decrease the rate of interest under the floating rate of interest provided for in the loan agreement executed between the bank and the complainant (borrower) and any additional or further consent from the latter was not required, the same having