MUMBAI: In a bid to rein in excesses in the digital lending ecosystem, the Reserve Bank of India ( RBI ) rolled out a new set of master directions focused heavily on consumer protection.
Regulated entities (REs) must now furnish to borrowers digitally signed loan documents and a key fact statement, while also offering a cooling-off period during which loans can be exited without penalty-barring a disclosed processing fee. Digital lending apps are barred from accessing phone data without consent, and all user data must be stored within India.
Regulated entities (REs) must now furnish to borrowers digitally signed loan documents and a key fact statement, while also offering a cooling-off period during which loans can be exited without penalty-barring a disclosed processing fee. Digital lending apps are barred from accessing phone data without consent, and all user data must be stored within India.
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