Digital lending News

India's stricter digital lending rules have disrupted card services of foreign-backed fin-tech firms India's digital lending market has grown quickly and facilitated $2.2 billion in digital loans in 2021-22. RBI has said fin-tech firms should recover charges of facilitating a digital loan from their banking partners, not the borrowers. Fin-tech firms are worried, and fear more regulations are on the way.

The court said, “let respondent file status report on steps taken for implementation of report before next hearing”. The court listed the matter for further hearing on July 20. The court was hearing the petition filed by Telangana-based Dharanidhar Karimojji.

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The panel also made several other suggestions to regulate digital lending. The working group was constituted by RBI in January 2021. The group was tasked with issues related to digital lending, including lending through online platforms and mobile apps.

The RBI panel has also been asked to suggest regulatory changes, if any, to promote the orderly growth of digital lending It has to recommend measures for the expansion of specific regulatory or statutory perimeter and suggest the role of various regulatory and government agencies The panel would also recommend robust fair practices code for digital lending players and suggesting measures for enhanced consumer protection