Update on September 6: The Reserve Bank of India (RBI) on September 02 released detailed guidelines to regulate digital lending. This is a follow-up to the framework announced on August 10 (in 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 on outsourcing," RBI noted. Responsibility lies with REs: "The REs are advised to ensure that the LSPs engaged by them and the DLAs (either of the RE or of the LSP engaged by the RE) comply with the guidelines," RBI stated. Original story published on August 11: The Reserve Bank of India on August 10 released a new regulatory framework to govern digital lending including lending through online platforms and mobile apps "based on the principle that lending business can be carried out only by entities that are either regulated by the Reserve Bank or entities permitted to do so under any other law." The framework adopts many of the recommendations…
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