India’s central bank gives lenders November-end ultimatum to comply with new digital loan rules

The Reserve Bank of India (RBI) has given lenders until the end of November to implement adequate systems and processes to ensure that new and existing loans comply with its digital loan rules issued last month.
The RBI’s move follows several reports highlighting issues of customers facing torture and abuse from agents of digital loan apps in the country. As we’ve reported, in some cases, customers failed to bear the psychological burden given by threat actors and committed suicide.
Based on the recommendations of a working group set up in 2021, the guidelines spelt out who can len

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