Big Tech risks: RBI to issue digital lending guidelines soon – Fortune India

Big Tech firms have an enormous amount of customer data which has helped them to offer tailored financial services to individuals lacking credit history, says RBI governor.

Image: Sanjay Rawat

Reserve Bank of India governor Shaktikanta Das on Friday said the central bank will soon issue guidelines to make digital lending ecosystem safe and sound.

Raising concerns over the entry of Big Tech into financial services, Das warned it could potentially be another source of disruption.

Large tech companies have an enormous amount of customer data which has helped them to offer tailored financial services to entities and individuals lacking credit history or collateral, the RBI governor says.

Companies whether from e-commerce, social media and search engine platforms, ride hailing and similar businesses have started to offer financial services in a big way on their own or on behalf of others. Even the banks and other lenders are sometimes utilising platforms provided by fintech companies…

Read Full Story: https://www.fortuneindia.com/technology/big-tech-risks-rbi-to-issue-digital-lending-guidelines-soon/108632

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