Ashneer Grover calls RBI’s Digital Lending Guidelines 'worst'; Here's why

Former co-founder Bharat Pe and Shark Tank India judge Ashneer Grover have slammed RBI's digital lending guidelines in their latest post. In a Twitter post, Grover wrote, "If UPI is the best tech / regulatory innovation in the world, the RBI’s Digital Lending Guidelines have to be the worst".

Ashneer Grover, having a reputation of being the curt and crusty one, further said "Essentially RBI is telling Fintechs ‘Bhai mat karo digital lending shending ! Banks se hoti nahi, humein samajh aati nahi, aur pen paper ki sale bhi kam hogi (RBI is telling Fintechs: Don't do digital lending, banks are not capable enough to do it, we also don't understand, and the sale of pens and paers will also decline)".

However, most netizens disagreed with Grover's statement. They said RBI's digital lending guidelines are crucial as they faced harassment from different fintech firms.

One user write, "You should also try to listen to cries of thousands of people who either committed suicide or got into depression due to harassment by digital lenders," wrote user Rahul (@Rahul07773041).

Another user wrote, "Understand your sentiments but recent pathetic practices by Ola and Paytm left no choice! It's a right step. You shouldn't make a business by fooling customers".

One Twitter user wrote, "Sahi hai boss... In the name of Digital Lending, charging 52% Interest and saying fintech company is doing Innovation? This is not Innovative... These things need to be stopped. Fintech app is the modern version of Shahukar...".

"RBI does not want borrowers to commit suicides because of the highest level of harassment by fintech lenders. Better they do not give loan itself than forcing customers to take the extreme step," another person wrote.