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Payday financing may finally see some legislation as RBI creates panel

Payday financing may finally see some legislation as RBI creates panel

Payday lending needed some guidelines, specially around regards to interest rates charged, industry insiders state. Given that the RBI has put up a committee, some action to expect.

RBI | Representative Image.

Payday financing may quickly see some action that is regulatory industry insiders state, as several of those companies will be in the headlines for coercive collections, high-interest prices and fraudulent company methods.