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RBI Working Group Report brings major recommendations to the digital lending regulatory framework
Team Finserv | finserv@vinodkothari.com
Digital lending does not have a major share yet in the overall financial sector, the graph of the digital lending growth will only move upwards.[1] Time and again RBI has been cautioning the public with respect to unauthorised DLPs/ DLAs.
Digital Lending Platform (‘DLP’) (web) / Digital Lending Apps (application) (‘DLA’) are web or mobile based applications with user interface that facilitate borrowing by a financial consumer from a digital lender. The scenario of these lending platforms is somewhat like this – a prospective borrower goes to an app/ platform, fills up some information. At the background, the DLP/ DLA collects and collates the information, including credit scores of the individual. Finally, the loan is sanctioned in a jiffy, mostly within minutes. Read more →
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