Trigger happy regulator? RBI Dy Guv says action to protect customers

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Trigger happy regulator? RBI Dy Guv says action to protect customers - Business Standard

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Unfortunately, this is frequently followed by aggressive recovery tactics, such as invading customers' privacy by accessing their contacts and personal data.“These practices can seriously damage the reputation of the regulated lenders associated with these platforms,” he said.

Swaminathan noted that there are over 150 banks, more than 9,000 non-banking financial companies, as well as about 1,500 urban cooperative banks (UCBs) and other entities that the RBI supervises.

Citing the example of fintechs, Swaminathan mentioned that many such platforms operate on a business model that involves extending small-value loans to customers, often with poor credit profiles.