Friday, June 14, 2024

RBI to come out with regulatory framework for web-aggregators of loan products

The Reserve Bank of India (RBI) will soon lay down the regulatory framework for web-aggregation of loan products since the customers are being harmed now, said the Central bank Governor Shaktikanta Das.

“Several concerns relating to such web-aggregation of loan products harming consumers’ interest have come to our notice,” Das said.

“It has, therefore, been decided to lay down a regulatory framework for web-aggregation of loan products. This is expected to result in enhanced customer centricity and transparency in digital lending,” Das said.

He said the RBI had introduced the regulatory framework for digital lending in August/September 2022. The digital lending ecosystem also comprises of services that aggregate loan offers from lenders (called web-aggregation of loan products) for guidance of customers.

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