RBI bans 0% interest-rate scheme for buying goods

The RBI on Wednesday banned 0%interest-rate scheme for purchase of consumer-goods, a move intended to protect customers but may dampen the festive-spirit as the interest element is often camouflaged and passed on to customers in the form of processing-fee in EMI-schemes offered on credit-card outstandings. The central-bank also said that no additional charges can be levied on payment through debit-cards.