RBI Guidelines for Lending and Financial Services
At CashBazaar, we strictly adhere to the Reserve Bank of India (RBI) guidelines to ensure responsible lending and transparency in financial services. We comply with all regulatory mandates to protect the interests of borrowers and maintain the integrity of the financial ecosystem.
1. Digital Lending Guidelines
RBI has introduced strict norms for digital lending platforms and NBFC partnerships, including:
- All digital loans must be reported to credit bureaus.
- Loan disbursals and repayments should be directly between borrower and regulated entities (banks/NBFCs).
- Transparency in loan terms, including interest rates, processing fees, and repayment schedules.
2. KYC (Know Your Customer) & AML (Anti-Money Laundering) Compliance
To prevent fraud and ensure identity verification, RBI mandates:
- Full KYC verification for loan approvals.
- Aadhaar, PAN, and bank account verification.
- Monitoring of transactions to detect suspicious activities.
3. Fair Lending Practices
- No hidden charges or undisclosed fees.
- Interest rates must be clearly communicated before loan approval.
- No aggressive recovery practices; ethical collection methods must be followed.
4. Credit Reporting & CIBIL Score
- All loans are reported to credit bureaus like CIBIL, Experian, CRIF High Mark, etc.
- Customers should have access to their credit scores and financial history.
5. Customer Grievance Redressal
- Every lender must have a grievance redressal mechanism.
- Customers can escalate unresolved complaints to the Ombudsman Scheme for NBFCs.
- CashBazaar ensures timely resolution of borrower concerns.
6. RBI Guidelines on Loan Recovery
- Recovery agents must adhere to ethical collection practices.
- No harassment, intimidation, or unlawful actions.
- Borrowers must receive adequate notices and reminders before any legal action.
7. Data Privacy & Security
- Customer data must be protected as per RBI’s data privacy norms.
- No unauthorized data sharing with third parties.
- Secure encryption for digital transactions and loan processing.
8. MSME & Business Loan Guidelines
- MSME borrowers should get fair access to loans under RBI’s priority sector lending norms.
- Interest subvention schemes and government-backed credit guarantees should be availed where applicable.
9. Personal Loan & Home Loan Norms
- Lenders must follow RBI’s prescribed loan-to-value (LTV) ratios.
- Processing fees and foreclosure charges should be transparent.
10. Updates & Compliance Monitoring
- RBI frequently updates its regulations for lending.
- CashBazaar continuously reviews and updates its processes to stay compliant.
For further details on RBI’s official policies, visit www.rbi.org.in or contact our compliance team at support@cashbazaar.in.
At CashBazaar, we are committed to ethical, transparent, and fully compliant lending practices, ensuring customer trust and financial security.