Ombudsmen must take action to eliminate root causes of customers’ complaints: RBI governor

It has opened the back door for unregulated technology players into the financial space, he said.There is a mushrooming of digital lending apps or DLAs, many of which do not abide by any regulations or fair practice codes, he said.This leads to several concerns including mis-selling, breach of customer privacy, unfair business conduct, usurious interest rates and unethical loan recovery practices.

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