ENA MSME 2024-02-08 13:37:47 <p><span style="font-size:14px"><strong>New Delhi, Feb 8 (KNN)</strong> The Reserve Bank of India (RBI) has expanded the scope of key fact statements to encompass all retail and MSME loans, said Governor Das.</span></p> <p><span style="font-size:14px">RBI mandated certain categories of lenders to provide borrowers with key fact statements which provide details of all transactions fees, interest, said Das.</span></p> <p><span style="font-size:14px">Governor Das emphasised that this extension applies to both retail and MSME loans, offering borrowers enhanced transparency.</span></p> <p><span style="font-size:14px">He further announced that a separate circular will be issued to banks, allowing them time to make necessary preparations for implementing this requirement effectively</span></p> <p><span style="font-size:14px">In addition, the RBI has introduced a framework for authenticating digital payment transactions.</span></p> <p><span style="font-size:14px">At the Monetary Policy Committee announcement, Governor Das outlined, To facilitate the adoption of such mechanisms for digital security, a principle-based framework for authentication of digital payment transactions is proposed.</span></p> <p><span style="font-size:14px">Das clarified that while the RBI has not specified any particular Additional Factor of Authentication (AFA), the payments ecosystem has predominantly adopted SMS-based One-Time Password (OTP) for authentication purposes.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 36609 https://knnindia.co.in/news/newsdetails/msme/rbi-extends-key-fact-statement-requirements-to-retail-msme-loans-governor-das 2024-02-08 13:37:47 knnindia.co.in