Friday, 24 March, 2023

RBI tightens noose against fraudulent Chinese lending apps

<p>RBI stated that the lender, not the borrower, is responsible for paying all fees and charges of loan service providers. The security and privacy of consumer data will also be the concern of banks and non-banks, thus closing the regulatory standards&#39; loophole. It further stated that automatic credit limit increases should not be permitted. RBI&nbsp;also provided the government a list of options, some of which included passing legislation banning illegal lending practices.</p>