Digital Lending Guidelines: RBI has taken a big decision regarding digital lending companies. RBI has issued an order saying that if the loan dues are not paid, then the digital lending company will have to provide the details of the agent appointed for recovery to its customers.
RBI has issued FAQ regarding Digital Lending Guidelines, in which RBI has said that if a loan becomes overdue and a recovery agent is reinstated to recover from the borrower, then digital lending companies should contact the recovery agent before All information ranging from the contact details of the recovery agent will be made available to the borrowers through email and MMS.
RBI has said in its guidelines that at the time of sanction of loan, digital lending companies will share the name of the authorized agent appointed on the panel to the borrowers and tell them that these recovery agents will contact the customers in case of non-repayment or loan default.
In fact, in recent times, many cases have come to the fore from exploitation of customers to misbehavior by the recovery agents of digital lending companies. These recovery agents harass the customers in such a way that many customers are in trouble due to stress.
In its guidelines, RBI has said that in case of loan default, the registered entity can recover the loan through cash through physical interface only if it is very necessary. In such cases, registered entities i.e. digital lending companies will be exempted from repaying the loan amount in the bank account. However, the amount recovered in the form of cash will have to be shown in the account of the borrower. RBI said that a payment aggregator working as a lending service provider can be used for loan repayment. However, they will have to make any kind of payment to the digital lending company. Also, the recovery agent will not be able to charge any amount from the borrowers during the recovery of the loan.
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