News > Lending Apps Cannot Store Data, Other Guidelines Issued

Lending Apps Cannot Store Data, Other Guidelines Issued

The Reserve Bank of India has issued guidelines to all lenders, including banks, in order to protect the data of borrowers and customers in general and keep them from being misused.

The new guidelines are effective immediately, and have to be implemented within November 30 to facilitate a smooth transition. According to the guidelines, Regulated Entities (RE) cannot store any information of borrowers other than specified ones.