What are the new regulations that RBI has announced for digital lending apps?
Answer
Answer
RBI has enforced stricter compliance digital lending apps. Now, banks and NBFCs will be accountable for digital apps they tie up with. Names of digital lending platforms hired by the bank or NBFC must be disclosed. All loans need sanction letter and copy of agreement given to borrower. RBI is unhappy with usurious interest rates strong-arm recovery tactics.