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RBI’s instructions to banks and NBFCs – bring existing digital loans under the revised rules by November 30

2 min read
The central bank had last month tightened digital lending norms to prevent some entities from charging excessive interest on loans and using unfair means to recover outstanding loans. The RBI said in a circular that outsourcing arrangements of regulated entities (banks and NBFCs) with Credit Service Providers (LSPs)/Digital Loan Apps (DLAs) do not reduce their obligations.
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