RBI Directs Lending Tech Platforms To Disclose Tie-Ups With Banks, NBFCs
India, June 25 -- In a bid to tighten norms around lending businesses, the Reserve Bank of India (RBI) has directed digital lending platforms to disclose upfront the names of banks and NBFCs they have engaged at the back-end.
The order dated June 24 signed by Manoranjan Mishra, chief general manager of RBI, stated that "outsourcing any activity by banks and non-banks does not diminish their obligations and the onus of compliance with regulatory instructions rests solely on them."
"Banks and NBFCs, irrespective of whether they lend through their own digital lending platform or through an outsourced lending platform, must adhere to the Fair Practices Code guidelines in letter and spirit," the RBI said.
The regulator has directed that nam...
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