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Fintech cos say loan collections dip; RBI's recast plan created confusion among customers


Fintech cos say loan collections dip; RBI s recast plan created confusion among customers
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Financial technology (fintech) lenders are witnessing a slowdown in loan collections during the second wave of COVID-19, with paybacks for overdue loans being impacted by up to 20 percent, as agents are unable to go into the field, a survey said on Friday.
The RBI announcement on loan restructuring has created confusion within the customer segment, the survey by a lobby group of the new-age lenders said.
Apart from the inability of the collection agents, the impact on repayment abilities at borrowers end because of genuine distress and medical emergencies was blamed for the dip in collections in the survey conducted by Fintech Association for Consumer Empowerment (FACE). ....

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U.S. drops sanctions on former Iranian officials in routine step

WASHINGTON (Reuters) -The U.S. government said on Thursday it had removed sanctions on three former Iranian officials and on two companies previously involved in trading Iranian petrochemical products, a move a U.S. official said had nothing to do with Iran nuclear talks. Speaking on condition of anonymity, the U.S. official said that the moves by the U.S. Treasury's Office of Foreign Assets Control (OFAC) were routine and unrelated to efforts to revive Iranian and U.S. compliance with the 2015 Iran nuclear deal. "Today, OFAC and the Department of State are also lifting sanctions on three former Government of Iran officials, and two companies formerly involved in the purchase, acquisition, sale, transport, or marketing of Iranian petrochemical products," the Treasury said in a statement. ....

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