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ARTICLE · 09 JANUARY 2025

Understanding Regulatory Measures Controlling Consumer Credit In India

AK & Partners
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The Reserve Bank of India (‘RBI') identified high inflation rates as a primary risk to the country's macroeconomic stability.

IndiaConsumer Protection
Anuroop Omkar
Anuroop Omkar

Overview

The Reserve Bank of India ('RBI') identified high inflation rates as a primary risk to the country's macroeconomic stability. A Governor's Statement1 was issued in October 2023 to inculcate microeconomic stability and inclusive growth.

In light of the Governor's Statement, the RBI further announced a series of measures to bolster risk management within the banking and Non-Banking Financial Company ('NBFC') sector by issuing a notification2 in November 2023, as 'Regulatory measures towards consumer credit and bank credit to NBFCs', that took effect immediately. The notification underscored the importance of stronger credit standards, the need for prudent risk management, and the establishment of board-approved limits for sub-segments under consumer credit.

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