AI represented to the Reserve Bank of India seeking a change in the rule to ban zero per cent interest rate scheme for purchase of consumer goods. As 20-30 per cent of consumer sales happen via such zero percent EMI schemes,
banning such schemes would have detrimental implications for the retailers. RAI submitted that instead of banning, RBI could have laid down guidelines for disclosure/structuring of scheme by banks which would lead to a greater transparency to customer. Click here to view the representation to RBI. We requested Indian Banks’Association to submit a similar representation to RBI which was not done by them. We received a reply from RBI stating that they appreciate our concern but the instructions are for the banking sector and they have not received any representation from them.