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In April 2024, the Reserve Bank of India (RBI) released draft guidelines as a regulatory framework for the aggregation of loan products by lending service providers (LSPs). LSPs are third-party entities that perform some of the bank’s functions, such as customer acquisition, loan recovery, and more. These also include certain Regulated Entities (REs). This RBI …
Continue reading “RBI Guidelines For Transparency In Loan Products From Multiple Lenders”
In 2003, the Reserve Bank of India (RBI) issued guidelines on Fair Practice Code For Lenders to ensure transparency and fairness. These guidelines gave lenders adequate freedom in loan pricing while protecting the borrower’s interest. A few of these guidelines directed financial institutions to adhere to the following with regard to interest and charges: During …
Continue reading “RBI Asks Lenders to Review And Refund Unfair Interest Charges: Know Why”
In its 3-day Monetary Policy Committee (MPC) review meeting, the RBI Governor Shaktikanta Das-led panel decided to keep the benchmark repo rate unchanged at 6.50% for the 7th consecutive time. Taking into view the financial developments and macroeconomic trends, the committee voted for unchanged repo rates with a majority of 5:1. Accordingly, the marginal standing …
Continue reading “Important Insights and Decisions from the MPC April 2024 Meeting”
The Fintech Association for Consumer Empowerment (FACE), a body aimed at advancing fintech through fair practices, has published the ninth edition of its FACETS report. Shedding light on the sector in Q3 FY23-24, this report covers lending trends for 37 member companies. Among its many notable findings is that the member companies disbursed nearly ₹2.50 …