RBI Working Committee In Favour Of Setting Up NPCI-Type Agency For Fintechs

Posted  under  Business, Regulatory,  by Neha Sonker  / 1 month ago

The newly-formed working committee of RBI favours setting up an agency that will act as an umbrella institution for financial technology firms because of growing complaints against the collection and recovery practices deployed by some digital lending applications. While digital lenders with NBFC licenses are monitored by Banks others, which function as loan-sourcing apps, are not regulated and are only registered with the corporate affairs ministry.

Read more at Business Standard