RBI Important Announcement..! Now people can rest easy..!!

Sowmiya Sriram
RBI Important Announcement..! Now people can rest easy..!!

In the situation where lakhs of people are affected by credit apps in India, many people are forced to commit suicide, and the complaints are increasing day by day, the central finance ministry issued an important announcement a few days later. The bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india (RBI) has come up with important regulations to regulate wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital credit service companies, which are increasing day by day and the number of victims is also increasing. wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital loan service companies when lending and collecting the loan should be done from the official bank account of the company.
Any fees paid to LSPs (lending service providers) in the loan intermediary process should be paid directly by the regulated entity and not by the borrower.
In january 2021, the RBI set up a task force to study issues related to wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital lending and recommend regulations. In November, the panel came up with tougher regulations for wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital lenders.
The task force also recommended that wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital lending apps be subjected to a verification process through a nodal agency to be set up in consultation with stakeholders and that a self-regulatory system be created to verify participants in the wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital lending ecosystem.
First, the institutions are regulated by the Reserve bank and permitted to carry on the business of lending.Secondly, institutions are authorized to grant credit under other statutory or regulatory provisions but are not regulated by the Reserve Bank.
The third set includes indirect lending institutions that are not subject to any statutory or regulatory provisions. This section is currently a major problem for both the people and the government.
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