: RBI issues strict norms for digital lending #finance #StockMarketNEWS #Business Fee payable to LSPs will have to be borne by lenders, not borrowers Mumbai: The Reserve Bank of India (RBI) on Wednesday
RBI issues strict norms for digital lending #finance #StockMarketNEWS #Business
Fee payable to LSPs will have to be borne by lenders, not borrowers
Mumbai: The Reserve Bank of India (RBI) on Wednesday mandated that digital loans must be credited directly in the bank accounts of borrowers and not through any third party, as it put in place strict norms to curb rising malpractice in digital lending space.
Besides, the RBI said digital lending entities and not the borrowers should pay fees or charges payable to Lending Service Providers (LSPs) in the credit intermediation process.
Issuing a detailed set of guidelines for digital lending, the RBI mentioned about the concerns primarily related to unbridled engagement of third parties, mis-selling, breach of data privacy, unfair business conduct, charging of exorbitant interest rates, and unethical recovery practices.
The RBI had constituted a Working Group on ‘digital lending including lending through online platforms and mobile applications’ (WGDL) on January 13, 2021.
It further said regulatory framework to support orderly growth of credit delivery through digital lending methods while mitigating the regulatory concerns has been firmed up.
“This regulatory framework is based on the principle that lending business can be carried out only by entities that are either regulated by the Reserve Bank or entities permitted to do so under any other law,? it said.
The Reserve Banh& Y[]ܞH[Y]ܚYۈ HY][[[X[Hوx&Y[]Y[]Y
H[ H [YYH [H ^ [ [ ZXHܙY]X[]][ۈ ٝXˈ'[[؝[ [ ^[Y[ H ]ZY H^X]Yۛ H] Y[ H[X[ وܜو[ HH ]][H ] Y X[و H܈[H K8 HH ZY [ [HY ^XXH [ HܙY][YYX][ۈ [H ZYX HHH[H Hܜً]YY ] ZYH [Y^HX][Y[
єH]H ݚYY HܜوYܙH^X][ H[ X Y[X[]Y HYH Z [Y][[[
Hو[[ۙˈY[HZ[YH Hܜو YH HH ][ H []Y [
ݜ[ H ^KKH[HHZ[ [ HٝH[8$[Yܘ]YXY X[[YH
RSKHH ZY]HXYH [HYY HY ]HX]Y] Z[ [ۛ HۙH ] [܈^ X]ۜ[و Hܜً [ۈX^HH ݚYY܈ܜٜ X ܈[Hۜ[܈ Hو XYX]K[ Y[ [ۈ ]H ][ Hܘ[Yۜ[ Y [ۈ []H H]HXYHܜٜH ˈ
Latest stock market news Twitter alternate of India
0 Reactions React
More posts by @newsMNC
: India will supply petrol with 20% ethanol from April 2023 #finance #StockMarketNEWS #Business (2G) ethanol plant will have zero liquid discharge Panipat: India will start supplying petrol with
0 Reactions React
: Retail inflation eases to 6.71% in July #finance #StockMarketNEWS #Business Press Trust of India New Delhi Retail inflation softened to 6.71% in July due to moderation in food prices but remained
0 Reactions React
0 Comments
Sorted by latest first Latest Oldest Best
Terms of Use Create Support ticket Your support tickets Stock Market News! © babycheers.com2024 All Rights reserved.