Digital lenders seek clarifications from RBI on end-use cases, APR

There are reports that payment aggregators are also looking to knock on the RBI doors as their role has been eliminated

Digital lenders are planning to seek clarifications from the Reserve Bank of India (RBI) on ambiguities pertaining to operational aspects of the digital lending guidelines, to ensure a seamless implementation of norms. 

Industry body Fintech Association for Consumer Empowerment (FACE) is looking to approach the regulator to get a clear understanding of the use-cases where exceptions would be allowed, wherein money does not go into the bank account of borrowers directly. “A clear understanding of permissible end-use cases for digital lending will address the ambiguity,” Sugandh Saxena, CEO, FACE, told Business Standard.

The industry is also looking to get a