RBI to control online loan aggregators
By MYBRANDBOOK
As part of its initiatives to improve lending sector transparency, the RBI (Reserve Bank of India) plans to regulate digital loan aggregators. The web aggregators present loan offers from various lenders on an electronic platform; borrowers can then pick and choose the best available loan option.
The action was taken in response to complaints regarding excessive interest rates and unethical recovery practices by some internet lenders. There are hundreds of unauthorised digital lenders which are outside the RBI’s purview.
The regulatory framework will mainly target organizations under RBI regulation as well as loan service providers connected to them.
“As regards entities falling in the second category, the respective regulator or controlling authority may consider formulating or enacting appropriate rules and regulations on digital lending based on the recommendations of WGDL (working group on digital lending). For the entities in the third category, the WGDL has suggested specific legislative and institutional interventions for consideration by the Central Government to curb the illegitimate lending activity being carried out by such entities,” the RBI said.
Singapore to remove One-Time Passwords from Bank Accounts
According to the Monetary Authority of Singapore, clients who utilise secur...
Is 375 million Airtel subscribers database breached?
When a hacker claims to have accessed and put up for sale a customer databa...
The government of India intends to construct a single portal f
A single portal will be launched by the Indian government to list all of it...
OpenAI offers GPT-4o, a faster model available to all users at
GPT-4o, a faster and more sophisticated AI model, is made available to all...
ICONS OF INDIA : RAMESH NATRAJAN
Ramesh Natarajan, CEO of Redington Limited, on overcoming ‘technolog...
Icons Of India : Anil Agarwal
Anil Agarwal, the Founder and Chairman of Vedanta Resources Ltd., is r...
Icons Of India : AMIT CHADHA
Amit Chadha serves as the CEO and Managing Director of L&T Technology ...
TCIL - Telecommunications Consultants India Limited
TCIL is a government-owned engineering and consultancy company...
UIDAI - Unique Identification Authority of India
UIDAI and the Aadhaar system represent a significant milestone in Indi...
NPCI - National Payments Corporation of India
NPCI is an umbrella organization for operating retail payments and set...
Indian Tech Talent Excelling The Tech World - Aneel Bhusri, CEO, Workday
Aneel Bhusri, Co-Founder and Executive Chair at Workday, has been a le...
Indian Tech Talent Excelling The Tech World - Aman Bhutani, CEO, GoDaddy
Aman Bhutani, the self-taught techie and CEO of GoDaddy, oversees a co...
Indian Tech Talent Excelling The Tech World - George Kurian, CEO, Netapp
George Kurian, the CEO of global data storage and management services ...