Analysis Of Digital Lending Laws-Fintech
- IJLLR Journal
- Feb 23, 2024
- 1 min read
Siddhi Sahoo, B.B.A. LL.B. (Hons.), SVKM’S NMIMS School of Law
ABSTRACT
Digital lending laws are becoming increasingly important in the fintech industry as more and more lenders turn to technology to offer fast and convenient loans to borrowers. The Reserve Bank of India (RBI) has issued guidelines for digital lending platforms, which include requirements for Know Your Customer (KYC) verification, data protection, and fair lending practices. These guidelines aim to protect borrowers from predatory lending practices and ensure that digital lenders operate within a transparent and accountable framework.
One key aspect of digital lending regulations is the use of sandbox regulation, which allows fintech companies to test their products and services in a controlled environment before launching them to the public. This helps to reduce risk and ensure that new lending products are safe and reliable for consumers. This paper explores various guidelines that deal with digital lending laws and protection laws issued by RBI.
Keywords: Reserve Bank of India, Fintech, NBFC, Digital Lending, KYC, Co- Lending.
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