Fintechs get on the job to comply with RBI lending norms
RBI guidelines on digital lending, which came into force on 1 December, gave nearly three months for platforms to adhere to norms ensuring customer and data protection, and curtail misselling and unethical recovery practices.
NEW DELHI : Even though digital lending platforms made structural and functional changes to comply with most of the latest lending norms of the Reserve Bank of India, they are still working to fall in line with a few pending norms as they wait for further clarity from the regulator. Many are also striving to obtain non-banking financial company (NBFC) licenses to become a larger part of the expanding lending ecosystem.
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