Under these rules, RBI said that payment aggregators who also work as Lending Service Providers (LSP) can be used to repay the loan. Not only this, payment aggregators will have to follow the Digital Lending Guidelines. Let us tell you that in August 2022, the Reserve Bank of India had issued some rules to control digital lending. These rules were issued to prevent fraud and illegal activities.

Said this in the new guidelines

Under the new rule, all loan disbursals and repayments must take place between the borrower’s bank account and regulated entities such as banks or NBFCs only and this transaction will not involve any other or pool account of the lending service provider or any third party.

Apart from this, RBI also said that during the process, any fees or charges to be paid to LSPs will be done directly by the regulated entity and not by the borrower. On Tuesday, the Reserve Bank of India also issued FAQs regarding Digital Lending Guidelines.

Said this about recovery agents

Regarding recovery agents in the FAQs, it has been said that at the time of loan section, the borrower may be informed of the names of empaneled agents authorized to contact the borrower in case of loan default. Apart from this, RBI also said that in case of default, regulated entities such as banks and NBFCs can do physical interface to cover loans in cash. However, when it is necessary, then only this work has to be done.

The post RBI Released digital lending Rules: Big News! RBI issued new rules regarding online loan or digital lending, know new rules immediately first appeared on Rightsofemployees.com.

If you are also planning to open a locker in a bank or you already have a locker in a bank, then it is very important for you to know about the new rules. The new rules have come into effect from January 1, 2022. Let us know the complete details about it.

After continuous complaints of customers on bank lockers, the Reserve Bank has decided to change the existing rules. If you are not yet aware of these changed rules, we bring you a detailed look at the rule changes applicable for bank lockers.

Bank will give compensation for theft

There have been many cases where cases of theft from bank lockers have come to the fore. To prevent this, the Reserve Bank has now made strict rules, due to which the responsibility of the banks has increased.

Now if something is stolen from your bank locker or there is any problem related to it then the bank will have to compensate the customer 100 times of the locker rent. Now banks cannot say that they are not responsible for bank locker theft.

CCTV mandatory

Now it will be mandatory for banks to install CCTV for monitoring the locker rooms. Along with this, it has also been made mandatory to keep the data of CCTV for 180 days.

This will help in checking whether there is any discrepancy. Till the completion of the police investigation, it has also been made necessary to keep a record of the CCTV footage in case the customer complains of any disturbance or theft in the bank.

E-mail & SMS Alerts

To protect customers from fraud, the Reserve Bank has now mandated that banks must send SMS and e-mails every time a customer accesses his locker. This alert will protect the customers from fraud.

Can’t give half-incomplete or wrong information to customers

According to the new rules of the Reserve Bank, banks can no longer give half-incomplete or wrong information about the locker to the customers. They have to make public the list of empty lockers, waiting list of lockers and number of waiting list.

These will have to be displayed on the display board of the bank. Also, they have to accept all the applications related to opening of lockers and inform the customers about the waiting list.

The post RBI issued new Rules: RBI changed bank locker rules, new facility started first appeared on Rightsofemployees.com.