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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.

𝐓𝐡𝐞 𝐏𝐫𝐨𝐛𝐥𝐞𝐦 𝐢𝐬 𝐧𝐨𝐭 𝐒𝐢𝐠𝐧𝐢𝐧𝐠 📝 𝐓𝐡𝐞 𝐏𝐫𝐨𝐛𝐥𝐞𝐦 𝐢𝐬 𝐧𝐨𝐭 𝐏𝐚𝐲𝐦𝐞𝐧𝐭𝐬 💵 𝐓𝐡𝐞 𝐏𝐫𝐨𝐛𝐥𝐞𝐦 𝐢𝐬 𝐧𝐨𝐭 𝐃𝐨𝐜𝐮𝐦𝐞𝐧𝐭𝐬 📄 𝐓𝐡𝐞 𝐏𝐫𝐨𝐛𝐥𝐞𝐦 𝐢𝐬 𝐏𝐚𝐩𝐞𝐫 📜 and #digio is here to enable businesses #gopaperless. Watch the exclusive interview of our co-founders Abhinav Parashar & Sanket Nayak with Hansi Mehrotra Rainmatter as they deep dive into their vision of digitally transforming key business processes across industries. https://lnkd.in/gWipJ6Gx #fintech #innovation #digitalkyc #digitaltransformation #identityverification #digitalidentity #startupindia #financialinclusion #techleadership

📣 Milestone Alert! Today marks the 8th anniversary of Digio 🎉 A journey filled with innovation, growth, and countless achievements. Huge shoutout to our incredible team for their dedication & support towards our mission, which has paved the way for this remarkable journey. Our sincere gratitude to our esteemed customers, investors, partners, & well-wishers. Here's to many more years of success and impact! 🎊 #DigioAnniversary Abhinav Parashar Sanket Nayak Amit Sonthalia Dinesh Rathore Rishabh Upman Shrinivas Puli Herry Sikri

🌟 Wishing everyone a joyous Eid-al-Fitr! 🌙 As we conclude the holy month of Ramadan, may the spirit of Eid fill our hearts with compassion, generosity, and unity. Eid Mubarak to all celebrating around the world! 🎉✨ #EidMubarak #EidAlFitr #Digio

🎉 Happy Ugadi and Gudi Padwa to all 🎉 As we welcome the dawn of a new year, let's embrace the spirit of renewal, joy, and prosperity that Ugadi and Gudi Padwa bring into our lives. 🌟 May this auspicious occasion fill your home with happiness, your heart with love, and your life with success. 🏠💖✨ Wishing you all a year filled with peace, prosperity, and endless moments of joy. Happy Ugadi and Gudi Padwa! 🎊🌸 #Ugadi #GudiPadwa #NewBeginnings #Digio 🌞🪔

🌈 Celebrating the vibrant spirit of Holi! 🎉 As colors fill the air and joy resonates, let's embrace the festival of Holi with renewed enthusiasm and unity. May this day be a canvas of happiness, laughter, and togetherness for you and your loved ones. Wishing everyone a colorful and blessed Holi! Holi ki hardik shubhkamnaye! 🎨✨ #happyholi #festivalofcolors #digio #paperless

It was great interacting with Fellow Fintech infra founders at #StartupMahakumbh on how Fintech Infra is shaping the expansion and scale of Banking & Financial services.

we @ Digio.in are hiring researchers to work on cutting-edge projects! Passionate about data science and computer vision? DM/mail to [email protected] #DataScience #ComputerVision #JobOpportunity