Some banks and NBFCs are not following top-up loan norms, says RBI

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Some banks and NBFCs are not following top-up loan norms, says RBI - Business Standard

Quick Summary:

Speaking on the need to re-look at the risk weight norms issued in November 2023, Deputy Governor Swaminathan J said that RBI is watching the incoming data, since it is too premature as it has only been 2-3 quarters since the announcement of additional risk weight norms.

Top-up loans are additional credit that a customer can avail over and above an existing personal or home loan.

As a result, the total consumer loan growth in the sectors where risk weights were increased moderated from 23.3 per cent in November 2023 to 13.9 per cent in June 2024.