Recently, RBI slapped a hefty penalty on a major NBFC because they didn’t offer their digital paperwork in local languages as prescribed in RBI’s Fair Practice Code.

According to the Code, NBFCs must ensure their loan application process is available in vernacular languages. This includes:

• All communications to the borrower
• Loan agreement with loan amount sanctioned, terms & conditions, annualised rate of interest, method of application, etc.
• Loan documentation kit with DPN, insurance documents, facility agreement, mortgage deed, etc.

Recently, RBI slapped a hefty penalty on a major NBFC because they didn’t offer their digital paperwork in local languages as prescribed in RBI’s Fair Practice Code. Recently, RBI slapped a hefty penalty on a major NBFC because they didn’t offer their digital paperworkRecently, RBI slapped a hefty penalty on a major NBFC because they didn’t offer their digital paperwork in local languages as prescribed in RBI’s Fair Practice Code. Recently, RBI slapped a hefty penalty on a major NBFC because they didn’t offer their digital paperwork