IS THIS LENDING DIGITAL OR PHYSICAL?
Anita Baid in conversation with Vinod Kothari Live on YouTube – 20th April | 05:00 p.m. – https://www.youtube.com/live/89PtYjU5S3Y?feature=share
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97 search results for: digital lending
Lending Service Providers for digital lenders: Distinguishing agency contracts and principal-to-principal contracts
/1 Comment/in Banks, Financial Services, NBFCs– Neha Sinha, Assistant Legal Advisor | finserv@vinodkothari.com Introduction Lending Service Providers (LSPs) are engaged by the Regulated Entities (REs) (banks or NBFCs) to carry out some functions of RE in connection with lenders’ functions on digital platforms. These LSPs may be engaged in customer acquisition, underwriting support, recovery of loan, etc. As the LSPs […]
Digital Consumer Lending: Need for prudential measures and addressing consumer protection
/0 Comments/in Banking Regulations, Consumer Protection, Financial Services, Fintech, Fintechs and Payment and Settlement Systems, NBFCs, RBI-Siddarth Goel (finserv@vinodkothari.com) Introduction “If it looks like a duck, swims like a duck, and quacks like a duck, then it probably is a duck” The above phrase is the popular duck test which implies abductive reasoning to identify an unknown subject by observing its habitual characteristics. The idea of using this duck test phraseology […]
Extension of FPC on lending through digital platforms
/0 Comments/in Financial Services, Fintech, Housing finance, NBFCs, RBIA new requirement or reiteration by the RBI? – Anita Baid (finserv@vinodkothari.com) Ever since its evolution, the basic need for fintech entities has been the use of electronic platforms for entering into financial transactions. The financial sector has already witnessed a shift from transactions involving huge amount of paper-work to paperless transactions[1]. With the digitalization […]
Fair Lending: RBI bars several practices
/0 Comments/in Financial Services, Housing finance, NBFCs, RBILenders asked to mend ways immediately Team Finserv | finserv@vinodkothari.com Introduction If fairness lies in the eyes of the beholder, the RBI’s eye is getting increasingly customer-centric. This fiscal year, the RBI has issued circulars aimed at fostering fairness and transparency in lending practices; these come at the backdrop of circulars last year on penal […]
Allow borrowers to make free choice: RBI draft rules for digital loan aggregators
/0 Comments/in digital lending, Financial Services, NBFCsManisha Ghosh l manisha.ghosh@vinodkothari.com In a move aimed at fostering transparency and consumer-centric practices in digital lending, the Reserve Bank of India (RBI) issued draft guidelines for digital loan aggregators on 26th April, 2024 titled ‘Digital Lending – Transparency in Aggregation of Loan Products from Multiple Lenders’. Comments are due on the same. This regulatory […]
Webinar on KFS & APR – New Rules by RBI on Retail & MSME Lending
/0 Comments/in digital lending, Financial Services, NBFCs-Vinod Kothari and Anita Baid | finserv@vinodkothari.com Our related resources on the topic:
Choppy landing for soft lending: Regulatory concerns on quality of lending
/0 Comments/in digital lending, Financial Services, RBI– Vinod Kothari, finserv@vinodkothari.com Some of the RBI’s recent stringent actions, with stop-business directions, raise an alarm amongst financial sector entities. Are these concerns limited to a particular type of lending, or can they lead to any general observations on the quality of lending? One shouldn’t be tunnel-visioned and believe that these regulatory objections are […]
Transparency in lending: RBI Mandates KFS for Retail and MSME Loans
/1 Comment/in Financial Services, RBI– Chirag Agarwal, finserv@vinodkothari.com The RBI has vide its Statement on Developmental and Regulatory Policies dated February 08, 2024, announced its decision to mandate Regulated Entities (REs) to provide Key Fact Statement (KFS) for retail and Micro, Small & Medium Enterprise (MSME) loans. What is KFS? What are its contents?
Digital deceptive practices: Dark Patterns get blacked out
/0 Comments/in Financial Services– Vinod Kothari, finserv@vinodkothari.com Central Consumer Protection Authority (“CCPA”), issued the Guidelines for Prevention and Regulation of Dark Patterns, 2023 (“Guidelines”) on November 30, 2023 to prohibit any person or platform from engaging in the dark pattern practices. Dark Patterns Explained The term “dark patterns” was first coined by Harry Brignull a long time back […]