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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 softwares. The RBI is able to regulate only those fintechs who partner with banks or NBFCs. Others a...
![RBI forms working group on digital lending through online platforms, mobile apps [Hindustan Times, New Delhi] - Vimarsana News](https://www.dailyrepublic.com/files/2017/06/dailyrepublic_11_1024.png)
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 popularity of online lending platforms and mobile lending apps, which the bank said has raised certain seri...
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 unregulated financial sector to devise a regulatory framework for the same. "Digital lending has t...
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.