The Reserve Bank of India (RBI) announced plans to introduce a framework allowing borrowers to switch from floating interest rates to fixed rates. The framework aims to provide relief to borrowers facing the impact of high-interest rates. Under the proposed framework, lenders must clearly communicate with borrowers about tenor and equated monthly installments (EMI). The RBI intends to address instances of lenders unreasonably elongating tenors of floating-rate loans without proper consent. The framework will offer options for borrowers to switch to fixed-rate loans or foreclose loans, with transparent disclosure of associated charges. Detailed guidelines will be issued shortly.