RBI’s modified digital lending norms come into effect from December 1

The RBI stated in a detailed set of guidelines for digital lending that the main concerns were unbridled engagement of third parties, mis-selling, breach of data privacy, unfair business practices, charging exorbitant interest rates, and unethical recovery practices. On January 13, 2021, the RBI established a Working Group on ‘digital lending, including lending through online platforms and mobile applications’ (WGDL).