Diabytes
Digital Lending Apps News
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RBI issued guidelines on digital lending to protect borrowers.
It is now prohibited to automatically increase the credit line automatically without borrower’s consent.
Data collected by DLAs should be need based, have clear audit trails and be only done with prior explicit consent of the borrower.
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These apps are hosted on app stores for Android users in India.
There were approximately 1100 lending apps available for Indian Android users across 80+ application stores.
In the recent past, digital lending frauds are on the rise.
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