Reserve Bank of India (RBI) has released new guidelines for institutions that provide loans using digital mediums. The guidelines provided by the RBI stated that institutions offering loans via digital channels must identify their agents already on the panel. They may reach the borrower in the event of non-payment of the loan. In addition, before commencing the process of recovering debt, the company has been requested to inform customers about the process. The RBI has tightened its rules on online loans from August 2022 to apply excessive interest on top of certain units’ loans and stop fraudulent loans.
There is no role for the pool account.
The loans that are transferred and returned as per the new rules must be split between the borrowers’ bank accounts and authorized entities (banks and NBFCs). The account pooled by loan service companies (LSP) will not play a significance. According to the Reserve Bank, at the same time, if a charge is made to LSP, it will go to the entity that is regulated and not to the lender. The central bank issued often-asked questions and responses regarding lending guidelines for digital loans.
In Relation to
The agent is responsible for the process of loan recovery. It is believed that when the loan is approved, an empanelled agency can be provided to the borrower to manage the loan in the event of default. I can get in touch with him. Suppose there is an inability to repay the loan, or the agent responsible for recovery has been assigned to contact the loan provider. In that case, the borrower should be informed via SMS or e-mail about the task assigned to the responsible agent.
RBI added that if a check is bounced or a late payment
information must be provided regarding the penalty cost. Are all lenders (LSPs) required to nominate grievance redressal officials, RBI said, adding that only the organizations that handle the borrowers must appoint these officers.
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