MUMBAI/NEW DELHI: The Reserve Bank of India on Wednesday issued guidelines for digital lending platforms to ensure orderly growth and protect borrowers following complaints that lending apps were charging usurious interest rates, pursuing aggressive recovery practices, and committing fraud and breach of data privacy.
The rules, applicable only to RBI-regulated entities and lending service providers, mandate them to disclose the all-inclusive cost of digital loans to borrowers and bar lenders from automatically increasing credit limits without the borrower's consent.
This story is from the August 11, 2022 edition of Hindustan Times.
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This story is from the August 11, 2022 edition of Hindustan Times.
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