RBI report shows how banks loot customers

Incidentally, the report has been on the RBI website for over nine days now, but the media has somehow ignored its importance

Consumer issues come last on regulators’ priority. Even the celebrated public intellectual Raghuram Rajan made only passing references to consumer issues, if at all, in his speeches. And so, it was startling to note that my rant over four columns that banks are cheating those taking floating rate loans found a loud echo in the Report of the Internal Study Group to Review the Working of the Marginal Cost of Funds Based Lending Rate (MCLR) System, headed by Janak Raj. Incidentally, the report has been on the RBI website for over nine days now, but the media has somehow ignored