The Chairman of State Bank of India the largest lender in the country Mr. O P Bhatt expressed his views regarding the reluctance shown by the Reserve Bank of India towards the teaser home loan scheme from SBI.
“The RBI hasn’t understood our product. SBI does its homework properly and gives loans to eligible borrowers who can pay back the loans whereas in US, banks had given home loans to people who even didn’t have incomes and jobs,” he said.
The teaser loan scheme has gained a lot of popularity amongst the masses and has attracted a lot of first time borrowers primarily due to the flexible nature of the scheme. However, the recent hike in the lending rates has definitely brought a dip in the demand.
Mr. Bhatt made it clear that the lender has always followed the guidelines very diligently. “We might have committed mistakes sometimes but it has never happened where we haven’t complied with the local regulations anywhere we operate,” he said.
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