24 Aug 2022 , 09:06 AM
Payment aggregators plan to lobby with the Reserve Bank of India (RBI) regarding the new digital lending standards that do away with middlemen.
The function of payment aggregators in these transactions has been abolished by the regulator, who has mandated that all loans travel straight from regulated firms to customer accounts. These standards, which endanger the business model, are being pushed for easing by the aggregators and their lobbying organization, the Fintech Association for Consumer Empowerment (FACE).
Payment aggregator executive: “The RBI has entirely disregarded the function of payment aggregators and all intermediaries, thus we want to know where we fit in under the new framework.” We have brought up the reason for the elimination of our job with the RBI.
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