RBI Governor cautions users of unregulated digital lending firms
Image Credit: the hindu
At an event on Friday, Shaktikanta Das, the governor of the RBI said that while technology has made financial entities more efficient, it has also led to unregulated players getting backdoor access to the financial sector. Das noted that these players don’t abide by the rules and cause several concerns such as mis-selling, breach of customer privacy, unfair business practices, usurious interest rates and unethical loan recovery practices.