Board-approved digital-lending policy
Define products, channels, underwriting, LSP/DLA governance, data, pricing, complaints and audit.
Digital Lending
Paragraph-wise corpus with Finin2min interpretation, examples, evidence controls and practical Q&A. Source: Reserve Bank of India (Digital Lending) Directions, 2025.
18 unitsBanking Regulation Act/RBI Act depending lender; IT, PMLA and data overlaysCurrent-source controlled
Module register
Regulated entity remains accountable
Outsourcing to an LSP does not transfer legal responsibility for underwriting, customer protection or regulatory compliance.
Loan aggregation and unbiased display
Where an LSP works with multiple lenders, show all willing offers with lender, amount, APR, tenor and material terms.
Dark-pattern prohibition
Do not design ranking, defaults or interface nudges that distort an informed borrower choice.
Key Facts Statement and APR
Deliver a readable KFS before contract; include all-in APR, charges and repayment schedule.
Direct disbursement and repayment
Route money between borrower and RE accounts except narrowly permitted statutory or operational cases.
Fees payable to LSP
The RE, not the borrower, should bear LSP fees unless the official framework expressly permits otherwise.
Cooling-off/look-up period
Provide a defined exit opportunity and disclose retained proportionate APR or one-time processing fee where lawful.
Data need, consent and minimisation
Collect only need-based data with prior explicit consent and a revocation/deletion workflow.
Mobile permissions
Avoid access to contacts, call logs, files/media and telephony functions except one-time permitted access necessary for onboarding with consent.
Data storage and localisation
Record where data is stored, retention period, deletion and cross-border access controls.
DLA and LSP disclosure
Publish current DLAs/LSPs, product role, contact and grievance details; reconcile with RBI directory submissions.
Credit bureau reporting
Report digital loans irrespective of tenor or structure and correct rejected data promptly.
Grievance redress
Provide nodal grievance officers at RE and LSP/DLA and preserve complaint aging and escalation evidence.
Default Loss Guarantee
Classify DLG provider, cap, eligible portfolio, invocation, recognition, disclosure and exclusions.
Recovery agents
Notify borrower before contact, restrict harassment and preserve allocation/communication evidence.
Underwriting and fraud controls
Do not substitute phone data or opaque scores for a documented credit assessment and affordability test.
Audit and system testing
Test pricing, consent, disbursement, repayment, data deletion, KFS, complaint and DLA-directory controls end-to-end.