The 'buy now, pay later (BNPL) game is set for a big change. The Reserve Bank of India (RBI) has sought details of shadow banks' BNPL arrangements with e-commerce (ecom) players.
The central bank has also asked for information on their roles as transferor or transferee for loans under its "Master Direction on Transfer of Loan Exposures”, issued on September 24, 2021. The urgency of the issue was evidenced in the RBI's email to nonbanking financial companies (NBFCs) on Monday: That the data is to be submitted by the end of the day.
Senior officials in NBFCs and the BNPL universe are unanimous that “the RBI appears to have taken the first steps towards sizing up this market, and usher in stricter regulations", and also “ring in transparency to the growing BNPL segment within the wider retail consumer finance".
The aggregate loans given via the BNPL route are not known though the "Report of the Working Group on Digital Lending including Lending through Online Platforms and Mobile Apps" in November last year gave a sense of it.
This story is from the January 19, 2022 edition of Business Standard.
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This story is from the January 19, 2022 edition of Business Standard.
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