Recently, the Reserve Bank of India (RBI) Working Group (WG) Committee has made recommendations pertaining to Digital Lending, including a separate legislation to prevent illegal digital lending activities.The RBI constituted a WG on digital lending including lending through online platforms and mobile...
Reserve Bank of India (RBI) Governor Shaktikanta Das on January 11saidthat the central bank shared a list of official digital lending apps with the Ministry of Electronics and Information Technology (MeitY) and the Ministry has published the same on its website.We were, however, unable to loc...
Last November, the Reserve Bank of India (RBI)’s Working Group released areport titled’Report of the Working Group on Digital Lending including Lending through Online Platforms and Mobile Apps’ (the RBI Report).The first set of the RBI Report’s customer-focused recommendations wereaccepted by...
Increased scrutiny on digital lending:Das also flagged material concerns over the “unbridled mushrooming of digital lending apps”. “The need of the hour is to ensure assurance of safety after following a process of green-lighting (whitelisting) and due-diligence by the regulated entities,” Da...
CLM 2 (Co-Lending Model 2):Under this model, the NBFC originates and disburses the loan, after which the bank reimburses up to 80% of the loan to the NBFC. The bank then retains its share of the loan in its balance sheet on a back-to-back basis enabling it to count towards the...
He served as head of the Shapoorji Pallonji Group. He joined the board of Tata Sons on 1 September 2006. Topic: RBI 4. RBI to run pilot project for full digitalization of Kisan Credit Card lending. The Reserve Bank of India will run the pilot project from September 2022 in selected distr...
5. Public Sector Banks have cleared digital lending of ₹83,091 crore in the financial year ending March 2022. Under EASE 4.0 reforms, state-owned banks were to focus on digital lending, technological resilience for 24x7 banking, co-lending with non-banking firms and agriculture financing. ...
standard assets (September 2021), scale-based regulatory (SBR) framework for NBFCs (October 2021), revised regulatory framework for microfinance (April 2022), Revised regulatory framework (July 2022) for Urban Cooperative Banks (UCBs) and guidelines on digital lending (September 2022),” Das ...
Account aggregator frameworks also benefit the users as they get access to the financial information of potential customers on a real-time basis, reducing the turnaround time for the provision of financial services, he said. “The account aggregators can thus bolster the lending ecosystem, which ...
the RBI has done a remarkable job of setting out the latest report of the ‘Working Group on Digital Lending,’ which has crafted laws that will further accelerate the expansion of the digital space and foster healthy competition among industry players. Furthermore, their proa...