Fleecing of floating rate borrowers continues

The fleecing of borrowers is so widespread and egregious that Moneylife Foundation filed a PIL (public interest litigation) petition, leading to an order by SC asking the RBI, to respond in six weeks

A friend has had a ringside view of the financial sector for decades, having worked in a bank, stock markets, rating agencies, and mutual funds. He firmly believes that financial regulators are there to help the industry, usually at the expense of financial consumers. I understand and agree that regulators have absolutely no empathy for consumers. But I have been sceptical of his view that regulators are there only to help the industry grow at the expense of consumers. But the long-running saga of lenders and finance companies continuing to fleece floating-rate borrowers makes me believe that my friend is