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RBI Issued Guidelines on Digital Banking

Published on September 03, 2022
Current Affairs: The Reserve Bank of India (RBI) announced the guidelines on digital lending.
RBI Issued Guidelines on Digital Banking
  • The Non-Banking Financial Companies (NBFCs) were given a deadline of November 30 to put in place a mechanism to ensure that existing digital loans comply with the modified norms aimed at protecting the interest of customers.
  • The RBI further said that the new norms will be applicable to both ‘existing customers availing fresh loans’ and to ‘new customers getting onboarded’.
  • As per the RBI, regulatory entities, like the banks and the NBFCs, have to ensure that all loan servicing, repayment, etc., shall be executed by the borrower directly in the regulatory entities' bank account without any pass-through account/ pool account of any third party.
  • The guideline also said that it will be the responsibility of the regulatory entities to ensure that in no case, disbursal is made to a third-party account, including the accounts of Lending Service Providers (LSPs) and their Digital Lending Apps/Platforms (DLAs).
  • Static Part: 
    • The RBI was established in 1935 by the Reserve Bank of India Act, 1934. It is the central bank of India and is responsible for the regulation of the Indian banking system. It has its headquarters in Mumbai. Shaktikanta Das is the current Governor of the RBI.

Question: 

Ques: 1. In which year was the RBI nationalized?
A. 1934
B. 1935
C. 1949
D. 1969

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