Section 45L (1) (b) of RBI Act, 1934
On 15th November, 2023, the Reserve Bank of India (RBI) directed a non-bank financial company (NBFC) to immediately stop loan disbursements under its 'eCOM' and 'Insta EMI Card' products.
- RBI took the action by exercising its powers under section 45L (1) (b) of the Reserve Bank of India Act (RBI), 1934.
Rationale
- The decision results from the company's non-compliance with the Digital Lending Guidelines, specifically the omission of Key Fact Statements (KFS) for borrowers and deficiencies in those issued for other digital loans.
- Further, RBI's digital lending guidelines (2022) require that a lender disclose all fees and charges to borrowers upfront and ....
Do You Want to Read More?
Subscribe Now
To get access to detailed content
Already a Member? Login here
Take Annual Subscription and get the following Advantage
The annual members of the Civil Services Chronicle can read the monthly content of the magazine as well as the Chronicle magazine archives.
Readers can study all the material since 2018 of the Civil Services Chronicle monthly issue in the form of Chronicle magazine archives.
Reports & Indices
- 1 NITI Aayog Report on Enhancing Competitiveness of MSMEs in India
- 2 Plastic Pollution in Indian Himalayan Region
- 3 Human Development Report 2025
- 4 Global Methane Tracker 2025
- 5 World Economic Situation and Prospects
- 6 Global Report on Internal Displacements 2025
- 7 State of the World's Nursing Report 2025
- 8 Global Report on Food Crises 2025
- 9 NITI Aayog’s Report on India’s Hand and Power Tools Sectors
- 10 World Social Report 2025