SIDBI, DALI sign MoU to promote fintech sector

The Digital Lenders Association of India (DLAI) and the Small Industries Development Bank of India (SIDBI) said they had signed an MoU to propel the growth of the fintech sector in the country.

The Digital Lenders Association of India (DLAI) and the Small Industries Development Bank of India (SIDBI) said they had signed an MoU to propel the growth of the fintech sector in the country.

Sivasubramanian Ramann, CMD of SIDBI, also released DLAI’s latest version of the Industry Code of Conduct (CoC) document at UnConclave 2023 organised by DLAI in Goa.

The new version of CoC is structured around the RBI’s Digital Lending Guidelines and takes into account important aspects such as Responsible Lending, Transparency, Fair Debt Collection Practices, Data Privacy and Security and Compliance with Regulatory Framework, SIDBI said in a statement.

As per the statement, Mr. Ramann said “High growth in Indian Fintech sector has been driven by best-in-class Public Digital Infrastructure (PDI) and matured policy support from regulator. It’s for the industry to leverage the Digital lending guidelines of RBI to develop responsible lending practices and the code of conduct prepared by DLAI is an important first step in this direction.”

“We are happy to work with the Industry on other important aspects like standard protocols, customer protection, grievance redressal to facilitate faster adoption of digital lending. As a part of its business strategy SIDBI is using digital technology and partnerships to directly reach out micro enterprises. SIDBI will explore offering its credit products through the DLAI members,” he added.