In the Corona era, the Reserve Bank of India has tightened the rules for digital lending companies. The central bank has instructed banks, non-banking finance companies (NBFCs) and digital lending platforms to provide all types of information related to loans on its website through mobile apps and other digital mediums. The central bank has taken this step to make digital lending more transparent. The central bank had received a complaint that some companies giving loans through the digital medium are charging a lot of interest from customers. Apart from this, the central bank had received a complaint of recovery against some companies in a very strict manner. After this, these guidelines have been issued by the central bank.

Banks and non-banking financial companies have been given guidelines to make their agents' names public on the website. Digital lending platforms have been instructed to inform their customers about which bank or NBFC is distributing the loan. At the same, RBI has said in a letter to scheduled commercial banks and NBFCs, "If banks / NBFCs outsource any activity, it does not reduce their liability." This is because they have full responsibility for complying with the regulatory directives.

RBI further said that soon after the loan is approved, the borrower should issue a letter on the letterhead of the bank or NBFC. RBI issued these guidelines saying that often digital lending platforms identify themselves as lenders without making the name of their bank / NBFC public. Due to this, customers are not able to use the platforms available under the regulator to register their complaints.

Today is World MSME Day, Know interesting facts related to this event

Big change in price of gold and silver, know today's rate

140 workers of Bajaj factory found corona infected, two killed