“This initiative is geared towards empowering borrowers to make informed decisions, and to choose between maintaining the same tenure with a higher EMI, or, extending the tenure with the same EMI when rate changes occur. By fostering clear communication and openness between banks and borrowers, these measures are poised to build trust, reduce confusion, and bring about customer-centric practices in the financial sector. The move marks an important step towards aligning the interests of banks and borrowers, promoting integrity and ethical lending practices within the industry,” he adds.