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RBI to bring digital loan aggregators under regulation

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RBI to come out with regulatory framework for web-aggregators of loan  products - Main Media English
  1. RBI intends to establish a comprehensive regulatory framework for digital loan aggregators to boost transparency in their operations.
  2. Digital loan aggregators consolidate loan offers from multiple lenders on an electronic platform, allowing borrowers to select suitable options.
  3. Concerns include high interest rates and unauthorized recovery practices by certain digital lenders operating outside RBI oversight.
  4. Digital lending is classified into three groups: RBI-regulated entities, lenders authorized by other provisions, and entities operating without regulation.
  5. The RBI’s focus is to regulate the digital lending ecosystem under RBI-regulated entities and recommends actions for unregulated entities.

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