RBI cracks down on 'buy now, pay later'
The RBI has ordered Bengaluru-based BNPL firm Simpl to immediately cease its payments operations for running a system without explicit central bank authorization. This action is part of the RBI's broader campaign to regulate digital credit, addressing concerns over unsecured lending and weak oversight. Simpl also faces Enforcement Directorate scrutiny for alleged FDI and foreign exchange violations.
The RBI has ordered Bengaluru-based BNPL firm Simpl to immediately cease its payments operations for running a system without explicit central bank authorization. This action is part of the RBI's broader campaign to regulate digital credit, addressing concerns over unsecured lending and weak oversight. Simpl also faces Enforcement Directorate scrutiny for alleged FDI and foreign exchange violations.
