By all accounts, the central bank is more open to discussion than before—but also getting serious about curtailing practices it doesn’t like.
At a closed-door conference hosted by the Reserve Bank of India on 6 June at its Mumbai headquarters, a high-ranking central bank official from the recently set-up fintech department had news for a delegation of 25 to 30 industry executives.
After nearly two years of extensive consultation and research, the RBI official told the attendees that the regulator is finally prepared to introduce formal rules for the country’s loosely regulated digital lending ecosystem. The goal is an operational framework for over a thousand instant loan apps, loan marketplaces and buy now pay later companies rendering its services in India.
The …
Ashwin covered fintech and banking at The Morning Context. Previously, he was at The Economic Times, where he worked across the finance, tech and startup verticals, breaking stories related to India’s banking system, startups in the new economy, digital payments, insurance and cryptocurrencies.
Writer
ashwin@mailtmc.com
Delhi