RBI releases a regulatory framework for digital lending- Quote by Mr. Saurabh Puri, Chief Business Officer, Credit cards, Zaggle
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“Digital Lending Applications (DLA) powered by Fintechs and Regulated Entities has brought in innovation in the financial system. The Digital Lending Applications uses the power of data and tech capabilities to make the customer experience of borrowing seamless. Lenders and borrowers benefit from seamless customer acquisition, credit assessment, loan approval, disbursement, repayment, and customer service. However, there are certain concerns that have emerged that include breach of data privacy, unfair business conduct, charging of exorbitant interest rates, and unethical recovery practices. RBI’s guidelines on digital lending is a step towards curbing these concerns. We at Zaggle feel that these guidelines will bring in transparency and enhance customer confidence. The guidelines also demarcate the roles and responsibilities of Regulated Entities and LSPs. Overall, this will help the industry grow in orderly fashion; yet encouraging innovation.”-Mr. Saurabh Puri, Chief Business Officer, Credit cards, Zaggle
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