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“From all registered or licensed lenders with the RBI, the banks and the NBFCs, we have collected the list of apps and have given it to the government, the Ministry of Information and Technology, which has uploaded it on their website. […] Now, it’s a long list. The responsibility...
To identify potential risks associated with AI, if any and recommend an evaluation, mitigation and monitoring framework and consequent compliance requirements for financial institutions, including banks, NBFCs, FinTechs, PSOs, etc. To recommend a framework including governance aspects for responsible, et...
(a) In the matter of recovery of dues, card-issuers shall ensure that they, as also their agents, adhere to the extant instructions on Fair Practices Code for lenders. (b) In particular, with regard to appointment of third-party agencies for debt collection, the card...
material used and ultimately encourage fair business practices. They are to be considered as the minimum standards to be adhered to, in addition to compliance with the IRDA (Insurance Advertisements and Disclosure) Regulations, 2000 and the code of conduct prescribed by the Advertisement Standards ...
The licences ofNBFCshave been cancelled for violating RBI guidelines on outsourcing and Fair Practices Code in their digital lending operations. As per RBI, these five NBFCs will not carry out the business of a Non-Banking Financial Institution (NBFI), as defined in clause (a) of Section 45...
clear, proactive legal frameworks for AI, with a focus on mitigating harm in high-risk sectors like healthcare and defense, while allowing flexibility in low-risk applications. Early regulation was seen as essential to prevent monopolistic markets and promote fair competition, without hampering ...
The Ministry of Finance has proposed a draft bill to ban unregulated lending practices, particularly targeting digital lending platforms. Amongst various provisions, it authorises police to conduct warrantless searches, seize assets, and freeze accounts tied to illegal activities. ...
Though the company’s exact plans around peer-to-peer lending could not be determined, its filings to the ministry said, “To carry on the business of NBFC-P2P lending platform as an intermediary to provide the services of loan facilitation via web or app medium or otherwise…” ...