RBI is exploring ways to regulate online loan apps
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Synopsis
The Reserve Bank of India (RBI) has reached out to Google, Digital Lenders Association, fintech association FACE and several NBFCs for inputs on ways to regulate digital lenders.
The RBI working group on digital lending has sought details from Google on its criteria for onboarding fintech loan apps on its Play store and the parameters these digital lenders follow.
Mumbai: The Reserve Bank of India (RBI) has reached out to Google, the Digital Lenders Association (DLAI), fintech association FACE and several non-bank lenders for inputs on ways to regulate digital lenders, three people aware of the development said.
Synopsis
Online lending firms say that Google is acting like a super regulator, seeking details that even the RBI is yet to do. They have written to Google with the names of Chinese apps that have 7-14 day products while its policies don t allow lenders with products of less than 60 days.
Mumbai: Miffed by Google’s diktat to furnish their credentials, fintech lenders have now written to the tech giant citing its policies of not allowing lenders disbursing short-tenure loans of less than 60 days. Fintech lenders say that Google is acting like a super regulator, seeking details that even the Reserve Bank of India (RBI) is yet to do.