Update on September 6: The Reserve Bank of India (RBI) on September 02 released detailed guidelines to govern digital lending. This is a follow-up the framework announced on August 10 (original story below). What's new? Applicable to new loans and new customers immediately: The instructions are applicable to "existing customers availing fresh loans" and to "new customers getting onboarded" starting September 2, RBI noted. December deadline for existing loans: RBI has given regulated entities time till November 30, 2022, to put in place adequate systems and processes to ensure that existing digital loans are also in compliance with the guidelines. Does not change existing obligations: "It is reiterated that outsourcing arrangements entered by Regulated Entities (REs) with a Lending Service Provider (LSP)/ Digital Lending App (DLA) does not diminish the REs’ obligations and they shall continue to conform to the extant guidelines…
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