Explanation: The RBI asked all regulated entities (REs) including banks and NBFCs, to give personal loan borrowers an option to switch over from a floating rate to a fixed rate regime at the time of resetting interest rates.

Regulated entities include banks, primary cooperative banks, Non-Banking Financial Companies, Credit Information Companies and also institutions such as EXIM Bank, NABARD, NaBFID, National Housing Bank (NHB) and Small Industries Development Bank of India (SIDBI).

Source: FORUMIAS