Top Current affairs of 26th and 27th : 1) The Reserve Bank of India (RBI) on 25 September 2013 announced imposition of ban on a very popular scheme for consumers to purchase consumer goods. Which scheme is this? – Scheme of 0% interest on EMIs (RBI imposed ban as banks were reluctant to disclose the hidden charges charged by them on purchases done through these schemes. RBI maintained that the very concept of zero per cent interest is non-existent and fair practice demands that the processing charge and interest charged should be kept uniform product or segment wise, irrespective of the sourcing channel, as such schemes only serve the purpose of exploiting vulnerable customers. RBI also issued guidelines that no additional charges can be levied on payment through debit cards. In the zero per cent EMI schemes offered on credit cards, the interest element is often camouflaged and passed on to customers in the form of processing fee)
Posted on: Sat, 28 Sep 2013 05:11:12 +0000
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