The Reserve Bank of India (RBI) announced on April 15, 2024, that from October 1, 2024, all lenders will be required to provide a Key Facts Statement (KFS) to borrowers, detailing loan agreement terms, for all retail and MSME loans. Key Facts Statement (KFS) is a statement of key facts of a loan agreement, in simple and easier-to-understand language, provided to the borrower in a standardised format. The loan agreement terms will include the all-inclusive interest cost, type (fixed floating or hybrid), annual percentage charge (APR) etc. Currently, KFS is mandatory only for loans extended by commercial banks to individual borrowers RBI-regulated digital lenders and microfinance lenders. Any fees, charges, etc. which are not mentioned in the KFS, cannot be charged to the borrower unless his or her explicit consent is obtained.