MUMBAI, AUG 27 — The Reserve Bank of India on Wednesday unveiled a unified licensing framework for digital lending platforms, bringing NBFC-affiliated lending apps under a single compliance window for the first time. The move, which takes effect in the first quarter of the next financial year, is aimed at tightening data-consent norms across an industry that has expanded rapidly over the past three years.
Under the new rules, lending platforms will be required to obtain explicit, itemised consent before accessing a borrower’s financial data, and will face a cap on default loss guarantee exposure — a mechanism that has drawn regulatory scrutiny after a string of retail lending defaults last year.
Industry bodies broadly welcomed the move, though several NBFC executives said the compliance timeline would be tight. “This is the right direction, but the runway is short,” said one senior banker who asked not to be named ahead of an official response.