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Gold Loan Disbursals Via Fintechs: RBI Cautions Banks

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Gold Loan Disbursals Via Fintechs: RBI Cautions Banks

The Reserve Bank of India (RBI) has issued a warning to banks regarding gold loan disbursals through fintech startups. The RBI is concerned about the evaluation process used by these banks and fintechs, particularly regarding the sourcing of gold. Banks are in talks with fintech startups to address the issues raised by the RBI, and there may be a temporary halt to business to ensure compliance. The RBI has been closely scrutinizing compliance in the fintech sector, and has cancelled licenses of several fintechs, including Paytm. The RBI has also recently rolled out regulations for lending fintechs, requiring borrowers to have information on potential lenders. Additionally, the RBI plans to establish a regulatory body to tackle the growth of illegal lending apps.

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