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

IANS | December 08, 2023 12:21 PM

CHENNAI: 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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