RBI Introduces Draft Circular on ‘Digital Lending – Transparency in Aggregation of Loan Products From Multiple Lenders’
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- Last Updated on 29 April, 2024
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Press Release 2024-2025/194, Dated: 26.04.2024
Earlier, RBI announced in its Statement dated 08.12.2023 regarding the issuance of a regulatory framework for aggregation of loan products by lending service providers (LSPs). Now, the Draft Circular on ‘Digital Lending – Transparency in Aggregation of Loan Products from Multiple Lenders’, has been notified.
The bank proposed that the LSP shall provide a digital view of all the loan offers available to the borrower, from all the willing lenders with whom the LSP has arrangements. Further, the content displayed by the LSP must be unbiased and must not directly/indirectly promote or push a product of a particular RE, including by use of any practice or deceptive patterns.
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