The Reserve Bank of India (RBI) instructed banks, non-bank financial companies (NBFCs), and other financial institutions to check their practice of imposing interest charges on loans they disburse. They did this because they found out that some lenders were engaging in unfair practices when charging interest on loans. In a notification on April 29, 2024, RBI pointed out some instances of unfair practices followed by banks and other financial institutions are here as follows: