Fintech firms seek six month-extension to comply with RBI credit line norms

Fintech firms will seek an extension of at least six months to comply with the latest mandate of the Reserve Bank of India, which barred non-bank wallets and prepaid cards from offering credit lines on fintech platforms.

In a meeting held on Thursday arranged by the Digital Lenders Association of India (DLAI), two people agreed that the request for an extension was the ‘most critical’ part of the ongoing issue, The Economic Times reported.

This came after an ET report on Wednesday said that the fintech industry association was planning to petition the central government and the RBI, seeking the rationale for the central bank’s circular issued earlier this week.