Banking & Finance MCQs - 2026-09-03

The Finance Ministry considers various macroeconomic factors, including prevailing interest rates in the banking sector, inflation rates, and to some extent, the performance of the broader financial markets, to ensure that small savings schemes remain attractive and competitive.

The Finance Ministry typically revises the interest rates for small savings schemes every quarter, meaning the new rates are applicable for a period of three months until the next revision.

NEEDS_REVIEW

The Reserve Bank of India (RBI) is the central bank and the primary regulatory authority for financial services in India. Therefore, it is responsible for issuing and enforcing guidelines related to digital lending and ensuring compliance.

The RBI's guidelines on digital lending, as revised, do not mandate a specific minimum cooling-off period for borrowers to exit loan agreements without penalty. While transparency is emphasized, this specific provision is not part of the current guidelines.

The guidelines mandate disclosure of all fees and charges, the name and address of the DLA, and the name of the lending institution. While total interest rate is crucial, the specific phrasing 'including all hidden charges' might not be explicitly mandated as a separate disclosure point, but rather implied within the overall fee structure disclosure.