RBI order – detail digital loan to customers

The Reserve Bank of India (RBI) has issued an order to make digital loans more transparent.

• Reserve Bank has issued a new order

• Relief for customers taking digital loans

In today’s time, taking a digital loan has become very easy. You can apply for a loan in a few minutes by digital means. But after taking a loan, customers have to face many problems. Keeping this in mind, the Reserve Bank has issued an order.

In fact, RBI has asked banks, non-banking financial companies (NBFCs) and other institutions to inform customers about digital loans on their websites.

Disclose agents name

Banks and non-banking financial companies (NBFCs) have been asked to disclose the names of their agents on their websites. Apart from this, other digital platforms have been asked to tell on their website that they are giving loans on behalf of a bank or NBFC.

RBI said, “Outsourcing of any activity by banks / NBFCs does not reduce their obligations as they are solely responsible for following regulatory instructions.” RBI further stated that soon after approval of the loan The borrower should issue a letter on the letterhead of the bank or NBFC.

Customers are not able to get complaints

While issuing these guidelines, RBI said that digital loan platforms often identify themselves as lenders without disclosing the name of their bank / NBFC, due to which customers do not register their complaints using the forums available under the regulator Finds.

Decision taken after complaints

Let us tell you that this instruction has been issued taking into account many complaints. In these complaints, apart from taking more interest in lieu of loan, allegations have been made of adopting harsh methods of recovery. Similarly, many other persecutions are also mentioned.