Page 7 - Fair Practices Code News Today

India Business News: In its annual report on Ombudsman Schemes, the central bank said over a fifth of the complaints were about services at ATMs or with debit cards, follo

Strong-arm tactics, no answer to loan default × By imposing a hefty fine on an NBFC, the central bank is sending a message to lenders Many digital apps adopt the “first trap and then embarrass strategy” to entice borrowers with easy loans on usurious interest rates. Some of these transactions are camouflaged as purchases. What then follows is a virtual blackmailing of the borrower with threat of misusing the data mined from his cell phone. Clearly these apps are also used as eavesdropping ...

RBI forms working group on digital lending through online platforms, mobile apps [Hindustan Times, New Delhi] Jan. 13—The Reserve Bank of India has constituted a working group (WG) on digital lending, including lending through online platforms and mobile applications, to study all its aspects in the regulated financial sector and lending by unregulated players, the central bank said in a statement on Wednesday. The working group has been set up against the backdrop of recent spurt and popular...

RBI sets up panel to suggest regulations on digital lending The 6-member working group has been formed to study digital lending in regulated as well as unregulated financial sector to devise a regulatory framework for the same BusinessToday.In | January 14, 2021 | Updated 20:08 IST Reserve Bank of India has formed a working group to suggest ways to efficiently regulate the booming digital lending space. The 6-member working group has been formed to study digital lending in regulated as well as...

The working group will study all aspects of digital lending activities in the regulated financial sector as well as by unregulated players so that an appropriate regulatory approach can be put in place.

monitor digital lending in the country. The group will study the scope of digital lending in India, identify risks in the sector “posed by unregulated digital lending”. The group will also set up a Fair Practices Code and recommend measures for data security in the sector. India’s central bank has set up a working group to monitor digital lending in the country. The group consisting of four top members of the Reserve Bank of India and two external members from a fintech firm and a cybers...

With frauds in digital lending space coming into sharp focus, the Reserve Bank of India has set up a working group to study digital lending activities of the regulated and unregulated players. The group will suggest steps to regulate digital lending including online lending platform and mobile lending. The recent spurt and popularity of online lending platforms/mobile lending apps have raised certain serious concerns which have wider systemic implications, RBI said in statement. The six-memb...

Big Story | Five cautions against money-lending apps Satya Sontanam BL Research Bureau | Updated on January 09, 2021 Digital money-lending platforms may be hassle-free and convenient, but look before you leap Digital platforms claiming to offer hassle-free loans to individuals, small traders and other borrowers are in the news these days. On the sunny side, the loan processing is quick and entirely online under these apps. All that the user has to do is submit a photo ID, Aadhaar number and ta...

Here are the top stocks to watch in todays session: HDFC Bank: HDFC Bank has witnessed a loan growth of 19 per cent to Rs 10,82,000 crore during the third quarter ended December 2020. The bank had an outstanding loan of Rs 9,36,000 crore as of December 31, 2019, and a growth of around 4 per cent. IndiGo: IndiGo will now be able to operate longer overseas routes with its 29 Airbus A320/A321neos, powered by modified P&W engines, getting extended diversion time operations (EDTO) approval from avia...

The Reserve Bank of India (RBI) has imposed a penalty of Rs 2.50 crore on Bajaj Finance for violation of codes governing the methods employed to recover dues amongst others.