India’s fintech startups that had been in a bit of a quandary after the Reserve Bank of India’s (RBI) diktat on prepaid instruments and loans earlier this year, on Wednesday, welcomed the comprehensive rules on digital lending released by the central banker. Regulated entities must ensure that they and the lending services providers engaged by them have a suitable nodal grievance redressal officer to deal with fintech- or digital lending-related complaints. Such a grievance redressal officer must also deal with complaints against their respective digital lending apps. Data collected by digital lending apps should be need-based, should have clear audit trails and should be only done with prior explicit consent of the borrower. Digital lending appsCheck out our Monsoon discounts on subscriptions, upto 50% off the website price, free digital access with print.

Source: Forbes August 11, 2022 17:24 UTC