: RBI issues strict norms for digital lending #FinanceIndia #StockMarketNEWS #Business Fee payable to LSPs will have to be borne by lenders, not borrowers Mumbai: The Reserve Bank of India (RBI)
@StockMarketNEWS Tue 16 Aug, 2022
RBI issues strict norms for digital lending #FinanceIndia #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 applicationp?&H
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