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🚨 Compliance Countdown for all Lenders🚨 ⏳ Last 29 days left to align your processes as per RBI guidelines —  All new retail and MSME term loans sanctioned on or after October 1, 2024, including fresh loans to existing customers, must fully comply with the KFS guidelines, without exception. Here's a quick compliance checklist for REs ☑️ Mandatory KFS for all MSME and retail term loans; exception for credit card products. ☑️ Standardized Format for KFS which follows RBI's specified format for Annexures A, B, and C. ☑️ Language translation of the KFS document in a language understood by the borrower. ☑️ Borrower Acknowledgment mandatory, confirming that they understand the Loan terms and conditions ☑️ KFS must be included as a summary box within the loan agreement  ☑️ Explicit Consent by the borrower for any changes to the loan terms during the loan's tenure. ☑️ Evaluation Period for the borrower of at least 3 days to evaluate the KFS for loans longer than a week, and 1 day for shorter loans. ✅ Navigating KFS compliance feels challenging? Digio is here to provide expertise and support, to meet the mandate with confidence! Kindly reach out to [email protected] to schedule a quick demo and set up a seamless transition for all your lending needs. You can find more information on our KFS guide for lenders and borrowers! https://lnkd.in/gAtFsmHs

✈️ Wrapping up! #GFF24 We had an amazing experience this year connecting with industry experts and learning from the innovative work being done across the fintech ecosystem. 🇮🇳 A big thank you to our customers and partners—Your trust & collaboration are invaluable to us. 🙏🏼 We’ve come back with great insights and are excited to unveil some of our new product developments. Stay tuned for more from Digio—we look forward to showing you what’s next! ⚡️ #Fintech #Innovation #GFF2024 #Digio

See you at GFF'24! ✨ The Digio business team is heading to the Global Fintech Fest in Mumbai! We’re looking forward to engaging with industry leaders and enterprises to discuss how our solutions are driving digital transformation in fintech. 📈 If you’re at GFF, let’s connect — reach out to our business team 🤝 #GFF24 #Digio #DigitalTransformation #Fintech Sanket Nayak Abhinav Parashar Amit Sonthalia Shrinivas Puli Rachit Khandelwal Maihul Rajora

See you at GFF'24! ✨ The Digio business team is heading to the Global Fintech Fest in Mumbai! We’re looking forward to engaging with industry leaders and enterprises to discuss how our solutions are driving digital transformation in fintech. 📈 If you’re at GFF, let’s connect — reach out to our business team 🤝 #GFF24 #Digio #DigitalTransformation #Fintech Sanket Nayak Abhinav Parashar Amit Sonthalia Shrinivas Puli Rachit Khandelwal Maihul Rajora

Kudos Team! 🙌 Narendra Tiwari | Praveen Kumar Rana | Shreesh Katti | Darshan Bs <Dboss 😎> P.S. Our software teams are consistently working on areas where GenAI can enhance enterprise productivity 👨💻 . If you're looking to work on cutting-edge enterprise tech, join us! #AWS #GENAI #DigitalEnterprise

Loan agreement & Key Fact Statement (KFS) are a mandatory for lending as per RBI guidelines, effective 1st October, 2024  You can use Digio.in for automating this entire document docket. Please email us at [email protected] for activating this for your organization #lending #kfs #digitization #compliance Key features: - Templatized KFS and Loan agreement in segregated and standardized formats - Multi-lingual support with English and all Indic languages - Aadhaar eSign / Electronic signatures integrated with IP and geo-location capture - Multi-party signing - Automated counter-signing by the lender - PAN India e-Stamping facility

Exciting Announcement! 🚀 We are thrilled to unveil our new website and API Playground! 🌐✨ Our updated platforms feature a sleek, modern design and an enhanced experience, making it easier than ever to explore our suite of digital offerings and integrate our solutions into your applications 💻⚙️ Visit us at digio.in to explore how we can help streamline your business processes and provide enhanced digital experiences for your customers. Thank you for your continued support, and stay tuned for more updates from us! 🔔 #Digio #WebsiteLaunch #APIPlayground #Enterprisedigitalstack

Digio.in has a new home 🏠 ! We just moved in to our new office!

📢 𝐑𝐞𝐠𝐮𝐥𝐚𝐭𝐨𝐫𝐲 𝐔𝐩𝐝𝐚𝐭𝐞: 𝐍𝐞𝐰 𝐑𝐁𝐈 𝐈𝐧𝐬𝐭𝐫𝐮𝐜𝐭𝐢𝐨𝐧𝐬 𝐟𝐨𝐫 𝐑𝐞𝐭𝐚𝐢𝐥 𝐚𝐧𝐝 𝐌𝐒𝐌𝐄 𝐋𝐨𝐚𝐧𝐬 The Reserve Bank of India (RBI) has introduced new requirements for 𝑲𝒆𝒚 𝑭𝒂𝒄𝒕 𝑺𝒕𝒂𝒕𝒆𝒎𝒆𝒏𝒕𝒔 (𝑲𝑭𝑺) 𝒊𝒏 𝒓𝒆𝒍𝒂𝒕𝒊𝒐𝒏 𝒕𝒐 𝒓𝒆𝒕𝒂𝒊𝒍 𝒂𝒏𝒅 𝑴𝑺𝑴𝑬 𝒍𝒐𝒂𝒏𝒔, effective from October 1, 2024. Here's what lenders need to do to ensure compliance: 1️⃣ 𝐔𝐩𝐝𝐚𝐭𝐞 𝐊𝐞𝐲 𝐅𝐚𝐜𝐭 𝐒𝐭𝐚𝐭𝐞𝐦𝐞𝐧𝐭 𝐅𝐨𝐫𝐦𝐚𝐭𝐬 RBI has standardized the format for Key Fact Statements. It's important for lenders to adopt this format to avoid compliance issues. Although there's some ambiguity about whether this format is mandatory or just a guideline, adhering to it is the safest course of action. 2️⃣ 𝐊𝐞𝐲 𝐅𝐚𝐜𝐭 𝐒𝐭𝐚𝐭𝐞𝐦𝐞𝐧𝐭𝐬 𝐌𝐮𝐬𝐭 𝐁𝐞 𝐢𝐧 𝐋𝐨𝐜𝐚𝐥 𝐋𝐚𝐧𝐠𝐮𝐚𝐠𝐞𝐬 The KFS must be provided in a language that borrowers understand. This can be challenging, given the diverse linguistic landscape in India. To meet this requirement, lenders might consider offering the KFS in English and 1-2 additional local languages or letting borrowers choose their preferred language during onboarding. 3️⃣ 𝐁𝐨𝐫𝐫𝐨𝐰𝐞𝐫 𝐀𝐜𝐤𝐧𝐨𝐰𝐥𝐞𝐝𝐠𝐦𝐞𝐧𝐭 𝐨𝐧 𝐭𝐡𝐞 𝐊𝐅𝐒 Lenders must ensure that borrowers acknowledge and understand the KFS. This is essential to confirm that borrowers are aware of their rights and obligations regarding the loan. This acknowledgment must be trackable, so RBI can audit for compliance. Additionally, borrowers should have a specified time to agree or reject the KFS. 4️⃣ 𝐒𝐞𝐩𝐚𝐫𝐚𝐭𝐞 𝐭𝐡𝐞 𝐊𝐅𝐒 𝐟𝐫𝐨𝐦 𝐋𝐨𝐚𝐧 𝐀𝐠𝐫𝐞𝐞𝐦𝐞𝐧𝐭𝐬 Lenders may include the KFS and the loan agreement in the same document kit. The new guidelines suggest that these should be separate to ensure that borrowers have agreed to the KFS before signing the loan agreement. 5️⃣ 𝐓𝐡𝐞 𝐊𝐅𝐒 𝐚𝐬 𝐚 𝐁𝐢𝐧𝐝𝐢𝐧𝐠 𝐒𝐨𝐮𝐫𝐜𝐞 𝐨𝐟 𝐓𝐫𝐮𝐭𝐡 Once the borrower has agreed to the KFS, the lender is bound by the terms within it. Lenders cannot unilaterally change or add terms to the KFS after the agreement. These changes are designed to enhance borrower understanding and protection. 𝐋𝐞𝐧𝐝𝐞𝐫𝐬 𝐚𝐫𝐞 𝐞𝐧𝐜𝐨𝐮𝐫𝐚𝐠𝐞𝐝 𝐭𝐨 𝐦𝐚𝐤𝐞 𝐭𝐡𝐞 𝐧𝐞𝐜𝐞𝐬𝐬𝐚𝐫𝐲 𝐚𝐝𝐣𝐮𝐬𝐭𝐦𝐞𝐧𝐭𝐬 𝐚𝐡𝐞𝐚𝐝 𝐨𝐟 𝐭𝐡𝐞 𝐎𝐜𝐭𝐨𝐛𝐞𝐫 1, 2024, 𝐝𝐞𝐚𝐝𝐥𝐢𝐧𝐞 𝐭𝐨 𝐞𝐧𝐬𝐮𝐫𝐞 𝐟𝐮𝐥𝐥 𝐜𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞 𝐰𝐢𝐭𝐡 𝐑𝐁𝐈'𝐬 𝐧𝐞𝐰 𝐫𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬. Digio is here to help. We specialize in automating the lending journey and its related documentation, ensuring full compliance with the latest RBI guidelines. Connect with us at [email protected] to find out how we can automate KFS, as well as the collection of borrower acknowledgments based on their preferred languages, to help you meet regulatory requirements seamlessly! #digio #gopaperless #rbi #compliance #keyfactsstatement #kfs #lenders #regulatedentities #loans #lending #aadhaaresign #estamp #digitalsignatures

What's KYC all about? Sanket Nayak of Digio.in explains the significance and process of KYC in his conversation with Hansi Mehrotra. Catch it on YouTube. Link in comments.