RBI Important Announcement on Digital Loans –  Deadline by November 30!!!

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RBI Important Announcement on Digital Loans - Deadline
RBI Important Announcement on Digital Loans - Deadline

RBI Important Announcement on Digital Loans –  Deadline by November 30!!! The Reserve Bank of India has given all institutions under its jurisdiction till November 30 to ensure compliance with the existing digital lending norms. The deadline has been announced to allow for a smooth transition to the new digital credit guidelines.

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In a circular issued by the RBI in this regard, it said that regulated entities will be given time till November 30 to ensure a smooth transition to the new digital lending guidelines. The Central Bank has advised that the notification will apply to existing customers and new customers availing of new loans.

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REs are also directed to ensure compliance of LSPs and DLAs with the guidelines contained in this circular. Now, as per the central government’s digital lending norms, disbursement and repayment of loans should be done only between the borrowers and the institutions it regulates.

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