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ARTICLE · 30 DECEMBER 2021

Fintech Law Advisory – Report Of The Working Group On Digital Lending

Kochhar & Co.
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The latest era of the fintech revolution in India has seen a spurt of digital lending apps enter the market and offer easy access to affordable credit facilities to consumers

IndiaTechnology
Anuj Kaila
Anuj Kaila
Nayonika Sinha
Nayonika Sinha
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INTRODUCTION

The latest era of the fintech revolution in India has seen a spurt of digital lending apps enter the market and offer easy access to affordable credit facilities to consumers. While this has led to an exponential growth of the digital financial services sector, there have been serious concerns over breach of data privacy, unethical business conduct and unregulated operations, arising due to greater reliance by lenders on third-party online service providers mis-selling to unsuspecting customers. These third-party technology companies tie-up with regulated lending entities (Banks/ NBFCs) and act as agents of the lenders and carry out one or more of the lender's functions in customer acquisition, underwriting support, pricing support, disbursement, servicing, monitoring, collection, liquidation of specific loan or loan portfolio, for compensation from the lender, i.e., they act as 'Lending Service Providers' ("LSPs"). However, there have been instances of

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