RBI asks banks to display services charges, rates on websites

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MUMBAI, Sep 13 (PTI): In order to make banking services more customer-friendly and transparent, Reserve Bank of India (RBI) yesterday asked banks to display all information regarding interest rates, service charges for credit cards and loan schemes among other things in a format that can be easily understood by customers.
"We have devised a format for display of information which would enable the customer to obtain the desired information at a quick glance," RBI said in a notification Friday.
Among other things, the banks would have to display locker charges, credit card fees, fixed and floating interest rate for housing loans for different maturities, personal loans, vehicle loans for new as well as old cars and education loans on their websites.
In addition, the banks would be required to show the interest rates for various fixed deposit schemes for residents as well as non-residents.
The RBI further said banks could modify the format to suit their requirements without impairing the basic structure or curtailing the scope of disclosures.