RBI Announces New Guidelines for Digital Lending

The Reserve Bank of India has released new guidelines aimed at regulating digital lending platforms, ensuring better protection for borrowers. These guidelines focus on enhancing transparency, data protection, and fair lending practices.

Key highlights of the guidelines include:

- Mandatory disclosure of all fees and charges

- Enhanced data privacy measures

- Standardized recovery practices

- Clear grievance redressal mechanisms

These regulations are expected to bring more stability and trust to the digital lending ecosystem while protecting consumer interests.