RBI comes to the rescue of online borrowers
RBI comes to the rescue of online borrowers https://www.fundstiger.com/rbi-rescue-online-borrowers/ While the access of funds has been made easier, simpler and faster by lots of fin-tech companies, the RBI has taken a few more steps in the interest of borrowers. Many individuals are looking for online loans during lockdown to ease their cash crunch. As far as the regulations goes, banks and NBFCs are allowed to lend either directly through their own digital platforms or through a digital lending platform under an outsourcing arrangement. Already, many banks and NBFCs are engaging digital platforms to provide loans to their customers. In addition, some NBFCs have been registered with Reserve Bank as ‘digital-only’ lending entities while some NBFCs are registered to work both on digital and brick-mortar channels of credit delivery. These digital platforms have emerged in the financial sector claiming to offer hassle-free loans to retail individuals, small traders, and other borrowe...