RBI issues new digital lending guidelines for banks, lenders to protect borrowers

https://img.etimg.com/photo/93951861.cmsThe Reserve Bank of India (RBI) has issued guidelines for digital lending apps. As per the guidelines issued by the central bank, the aim is to protect borrowers from unscrupulous lending practices. Under the new instructions issued by the Central bank, the regulated entities cannot store borrowers' data except for some basic minimal information. Also, biometric information cannot be stored as well.

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