Comply with digital lending norms for existing loans by Nov 30: RBI

Guidelines applicable to new and existing customers taking fresh loans

The Reserve Bank of India (RBI) on Friday said that regulated entities engaged in credit delivery through digital lending will have time till November 30 to comply with the lending norms for existing digital loans.

However, for new and existing customers availing fresh loans, these norms will be applicable immediately.

“In order to ensure a smooth transition, regulated entities shall be given time till November 30, to put in place adequate systems and processes. It is to ensure that ‘existing digital loans’ (sanctioned on the date of the circular) are also in compliance with these guidelines,” the central bank said