RBI panel suggests steps to broaden digital lending

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Mumbai: The Reserve Bank of India is proposing to keep commercial banks at the centre of the digital lending universe to ensure that technology is harnessed to distribute credit to the under-banked – but not at the cost of broader financial stability and customer protection. A new law is envisaged to ban unauthorised lending and … Read more

RBI cautions public against unauthorised digital lending apps

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MUMBAI: The Reserve Bank of India on Wednesday has issued a note of caution to the public against the use of “unauthorized” lending apps citing recent media reports on unethical collection practices along with arbitrary interest rates being charged by some of these apps. “There have been reports about individuals/small businesses falling prey to growing … Read more