Changes applicable from 1st October 2019 that may affect your finances.
To facilitate transparency and efficiency in the economic reforms the government along with its various undertakings and departments is continuously striving to carry the most adequate policies. These policies and reforms prove that the government is keen to boost the economy and make India a big name in the global economies. Every change in policy by the government has a direct or indirect impact on your personal finances. Recently the government has brought some major changes that can have major impact on you. Here, is a list of things that have changed from 1st October 2019. 1. External benchmarking of loans: As per the circular dated 24th September 2019 issue by the RBI, all the floating rate loans to be sanctioned by the banks including public sector banks on or after 1st October 2019 has to be linked to an external benchmark. The loans that prima- facia to be linked are- personal loans, housing loans, and vehicle loans. Before 1st October 2019, the banks use to charg