ARTICLE · 06 MAY 2024

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Key Facts Statement (KFS) For Loans And Advances

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On April 15, 2024 the Reserve Bank of India ("RBI") released its notification on the Key Facts Statement ("KFS")...

IndiaFinance and Banking

1. Background

1.1. On April 15, 2024 the Reserve Bank of India ("RBI") released its notification on the Key Facts Statement ("KFS") for loans and advances ("KFS Notification"), aimed at harmonizing instructions related to the KFS. The objective is to enhance transparency and mitigate information asymmetry concerning financial products offered by commercial banks, primary urban cooperative banks, state cooperative banks, central cooperative banks, and all non-banking financial companies (including housing finance companies) (i.e., regulated entities ("REs")). The KFS Notification is likely to empower borrowers by enabling them to make more informed decisions.

2. Applicability and Exemption

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