.......The directive has come as a surprise to not just consumers like Mr. Jayaram but to various stakeholders. Banks, consumer finance firms and retail chains have adopted a cautious approach even as they get ready to evolve an alternative to attract customers during the ensuing festive season. Nearly one-third of total sales are driven by such hassle-free consumer finance schemes, said retailers, who fear the RBI directive will only add to woes related to rising prices. The prices of many consumer durables are likely to be revised next month...................
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