rbi: RBI investigating complaints in opposition to BNPL gamers

The Reserve Financial institution of India on Friday stated that it was taking a look at a sequence of complaints in opposition to digital lenders, the place prospects discovered that they had been disbursed loans with out their consent. It additionally stated that they might tweak “know your buyer” guidelines to make it easier.

“Now we have been receiving many complaints on digital lending frauds, we take rapid motion in opposition to such circumstances. Whether or not the criticism is made instantly or not directly, even on social media, we act on it on a person foundation,” Shaktikanta Das, governor, RBI stated whereas addressing reporters within the submit coverage press convention.

A number of shoppers had not too long ago taken to social media and complained about sudden drop in credit score scores after they discovered purchase now pay later loans issued beneath their names with out requisite consent by such platforms.

To cope with the rising governance points and client complaints, the RBI launched a set of draft pointers on digital lending together with by on-line platforms and cell apps. RBI acquired greater than 650 strategies from trade stakeholders and the ultimate contours are anticipated to be launched quickly.

“Wherever we now have seen circumstances the place irregularities have occurred we’re trying into it and based mostly on the result of our investigation applicable motion may very well be initiated,” stated RBI deputy governor M Rajeshwar Rao.

The regulator can be anticipated to streamline points affecting the KYC pointers to make it easy however on the identical time efficient.

“No matter motion we tackle KYC needs to be in consonance with the necessities beneath the PMLA, we’re analysing the person circumstances and can take needed measures as applicable,” Das stated.

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