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Early Impressions: Regulatory Measures by RBI

The RBI Governor’s Statement dated October 6, 2023, stated that certain components of personal loans were recording very high growth. He further noted that the RBI closely monitored such loans for signs of incipient stress. Banks and NBFCs were advised to strengthen their internal surveillance mechanisms, address the build-up of risks, if any, and institute suitable safeguards in their interest.

The Governor emphasized the need for robust risk management and more substantial underwriting standards. With this as the background, the RBI, on November 16, 2023, instituted measures that are expected to address the concerns raised in the Governor’s Statement.

This publication summarizes our assessment of this directive from RBI.

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