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The Reserve Bank of India has put NBFCs and fintech players under the lens after a series of compliance failures came to light - Issue Date: Apr 14, 2024
It is the collective responsibility of all stakeholders including regulators, banks, lending companies, apps marketplace etc to raise awareness and help people choose legitimate and valid apps to avail loans
The company recently slashed its issue size to Rs 700 crore from Rs 1,900 crore and refiled the draft papers with SEBI.
RBI said the "supervisory restrictions" will be reviewed after the NBFC rectifies the violations.
Rohit Garg, CEO and Co-Founder of SmartCoin, talks to BT about illegal lending apps and how ensure a secure lending environment