Buy now pay later schemes, credit card spending reduce savings of youth: Deputy Governor RBI

New Delhi [India], December 17 (ANI): The "buy now, pay later" (BNPL) schemes and the credit card spending facilitate immediate consumption and reduce the savings of the younger generations, said Michael Debabrata Patra, Deputy Governor, Reserve Bank of India.

He also noted that these trends facilitate immediate consumption but reduce savings, posing new challenges for monetary and regulatory policy formulation.

Speaking