Payment aggregators to approach RBI regarding new digital lending rules

Under the new rules, the loans can go directly from regulated entities like banks to the customer accounts. This has eliminated the requirement of payment aggregators in these transactions

Payment aggregators in India are likely to approach the Reserve Bank of India (RBI) to dicsuss the new digital lending rules. The new guidelines have eliminated the need for internediaries, according to a report by Economic Times (ET). 

Now, the loans can go directly from regulated entities like banks to customer accounts. This has eliminated the need of payment aggregators in these transactions. ET further stated that Fintech Association for Consumer Empowerment (FACE) is seeking relaxation in the new norms. 

"We are raising this issue with the RBI— why our role has been eliminated," a payment aggregator executive was quoted