Mumbai: India’s reserve bank will soon come out with guidelines on digital loans, Deputy Governor M Rajeshwar Rao said on Thursday.
In November last year, working groups on digital loans, including loans through online platforms and cellular applications, have sent their recommendations.
The central bank has been looking for comments about the recommendations of the public.
The last date on December 31, 2021.
“RBI has received public comments, and we will frame the guidelines (on a digital loan) based on the comments.
The work is ongoing, and immediately (guidelines) will be launched,” Rao told reporters during a call to post an announcement monetary policy.
Speaking of a new umbrella entity for the retail payment system, the Governor of RBI Shaktikanta Das said there had been a delay in completing the name of the applicant.
On August 18, 2020, the RBI has released a framework for authorizing PAN-India umbrella entities for retail payments and applications that are invited from the intity that wille.
The RBI had originally maintained a time limit for submission of applications for umbrella entities until February 26, 2021, but then extended it until March 31, 2021.
DAS said the delay in resolving the names was mainly due to officials, who deal with the problem, were preoccupied with other works .
He, however, said the process was being evaluated, and soon the details would come out.
In the monetary policy announced today, the RBI maintains a repo level unchanged at 4 percent and maintains the attitude of the policy accommodating to revive and maintain long-lasting growth and continue to reduce the impact of Covid-19 on the economy.
Read Alsorbi make repo rates unchanged at 4%; Maintaining the accommodating Stancethe Reserve Bank of India (RBI) Monetary Committee (MPC) on Wednesday unanimously decided to keep the repo not change at 4 percent for the ten consecutive time and continued with an accommodating attitude.
Repo Rate is a level where the RBI lends to the bank, while the reverse repo level is