On August 10, the Reserve Bank of India (RBI) instituted a framework for regulating the digital lending landscape in the country. It pointed to concerns such as unbridled engagement of third parties, mis-selling, breach of data privacy, unfair business conduct, charging of exorbitant interest rates, and unethical recovery practices bothering consumer confidence and said that they had to be mitigated. The latest set of regulations are based on recommendations received from its Working Group on ‘Digital Lending including lending through online platforms and mobile apps’ (WGDL) which was constituted last January. (Read More)
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