Act 2005
National Credit Act 34 of 2005
Issued by National Credit Regulator
Plain-English summary
Regulates consumer credit: it bans unfair credit practices and reckless lending, provides for debt restructuring, governs credit information, and requires registration of credit bureaus, credit providers and debt counselling services. It establishes the National Credit Regulator and the National Consumer Tribunal. Its provisions commenced in stages from 1 June 2006.
Who it applies to
Banking · NBFC / Non-bank Lending
Topics
Conduct & Consumer Protection
Latest news
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RBI penalizes gold-loan fintech KLM Axiva Finvest Limited for auction surplus non-payment
26 Sep 2026
The Reserve Bank of India imposed a monetary penalty of ₹2.70 lakh on KLM Axiva Finvest Limited for regulatory non-compliance discovered during statutory inspection. The company failed to remit surplus amounts to…
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RBI penalizes Hero Fincorp for excess interest collection breaches
26 Sep 2026
The Reserve Bank of India imposed a monetary penalty of 10 lakh rupees on Hero Fincorp Limited on September 22, 2026, following supervisory findings of non-compliance with RBI's "Fair Practices Code for Lenders…