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Call for Inputs: Draft Guidelines on Digital Lending – Transparency in Aggregation of Loan Products from Multiple Lenders
Call for Inputs: Draft Guidelines on Digital Lending – Transparency in Aggregation of Loan Products from Multiple Lenders

May 1, 2024

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RBI has published draft guidelines to enable transparency in aggregation of loan products from multiple lenders. The Guidelines mandate compliance with a view to enable borrowers to have prior information about the potential lenders to be able to make an informed decision. Specifically, the draft Guidelines require the following:

  1. The Loan Service Provider (LSP) shall provide a digital view of all the loan offers available to the borrower, as per his/her requirements, from all the willing lenders with whom the LSP has arrangements with.

  2. While the LSP may adopt any mechanism to ascertain the willingness of the lenders to offer a loan, it shall follow a consistent approach in this regard, which shall be disclosed suitably on their website.

  3. The digital view shall include the names of the REs extending the loan offer, amount and tenor of loan, the Annual Percentage Rate (APR) and other key terms and conditions in a way which enables the borrower to make a fair comparison between various offers. A link to the key facts statement shall also be provided in respect of each of the REs.

  4. The content displayed by the LSP shall be unbiased and shall not directly/indirectly promote or push a product of a particular RE, including by use of any practices or deceptive patterns, i.e., using ‘dark patterns’3 designed to mislead borrowers into choosing a particular loan offer.

We are preparing feedback that can be shared with RBI on the above draft Guidelines. In this regard, we are requesting your inputs by May 12, 2024. Kindly write to garima@nasscom.in with a copy to policy@nasscom.in


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Garima Prakash
Manager, Public Policy and Government Affairs

Reach out to me for all things policy about e-commerce, international trade, export controls, start-ups and fintech

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