E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

Housing sales in Jan-Jun at 9-year high in top 8 cities; sales see 60 per cent annual growth: Knight Frank

July 6, 2022

SOL Stuck in a Range, Breakout Inbound?

July 6, 2022

Bajaj Auto looks to sell Chetak from 75 locations in current fiscal

July 6, 2022
Facebook Twitter Instagram
E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
Facebook Twitter Instagram
E Amazings
You are at:Home»Business»Google, Amazon and Facebook (Meta)’s financial services play poses systemic concerns like overleverage: RBI Governor Shaktikanta Das
Business

Google, Amazon and Facebook (Meta)’s financial services play poses systemic concerns like overleverage: RBI Governor Shaktikanta Das

Paul EasterBy Paul EasterJune 17, 2022No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter Pinterest WhatsApp Email


 On Friday, RBI Governor Shaktikanta Das said that the entry of big tech firms into the financial sector poses systemic concerns like overleveraging at the borrowers’ ends. The entry of firms like Google, Amazon and Facebook (Meta), referred as big tech companies, also poses question marks around competition and data privacy.

“They (big tech) carry risks, which need to be properly assessed and dealt with,” RBI Governor Shaktikanta Das said while speaking at Modern BFSI Summit 2022 organised by Financial Express.

Such companies can include entities in e-commerce, search engines and social media platforms that have started to offer financial services in a “big way” on their own or through tie-ups, he said, adding this is leading to the use of new methodologies in credit assessment.

“Such large-scale use of new methodologies in credit assessment can create systemic concerns like overleverage, inadequate credit assessment and similar other risks,” he added.

See Zee Business Live TV Streaming Below:

Das said deploying harsh recovery methods like calling up at odd hours or using foul language is “unacceptable” and assured that the RBI is paying “serious attention” to such happenings to ensure necessary action is taken to curb such activities.

He said most of such instances are reported from unregulated entities, but added that the central bank has also come across such tactics being used by entities regulated by the RBI, and urged all players to give special attention to the same.

The comments came at a time when there have been allegations of suicides by many borrowers triggered by harsh recovery practices by agents.

The central bank will continue with its role to foster innovation while trying to contain the systemic challenges, he said, adding that the RBI will soon come out with a discussion paper on digital lending.





Source link

Paul Easter

Related Posts

Housing sales in Jan-Jun at 9-year high in top 8 cities; sales see 60 per cent annual growth: Knight Frank

By Paul EasterJuly 6, 2022

Bajaj Auto looks to sell Chetak from 75 locations in current fiscal

By Paul EasterJuly 6, 2022

Stocks to buy: Sanjiv Bhasin picks Wipro, Tata Chemicals, Adani Ports, Coforge for gains today; Here’s why

By Paul EasterJuly 6, 2022

Oppo Reno 8 Pro, Oppo Reno 8 launch: What to expect on July 18 – price, specifications and more

By Paul EasterJuly 6, 2022
Add A Comment

Comments are closed.

Our Picks

Housing sales in Jan-Jun at 9-year high in top 8 cities; sales see 60 per cent annual growth: Knight Frank

By Paul EasterJuly 6, 2022

SOL Stuck in a Range, Breakout Inbound?

By Paul EasterJuly 6, 2022

Bajaj Auto looks to sell Chetak from 75 locations in current fiscal

By Paul EasterJuly 6, 2022
Recent Posts
  • Housing sales in Jan-Jun at 9-year high in top 8 cities; sales see 60 per cent annual growth: Knight Frank July 6, 2022
  • SOL Stuck in a Range, Breakout Inbound? July 6, 2022
  • Bajaj Auto looks to sell Chetak from 75 locations in current fiscal July 6, 2022
  • 3D Print Your Own Multi-Color Filament July 6, 2022
  • Bitcoin Reclaimed $20K Following Extreme Volatility, AVAX Jumps 7% (Market Watch) July 6, 2022
  • Stocks to buy: Sanjiv Bhasin picks Wipro, Tata Chemicals, Adani Ports, Coforge for gains today; Here’s why July 6, 2022
  • CeDeFi Strategies for Premium Yields July 6, 2022
Archives
  • July 2022
  • June 2022
Facebook Twitter Instagram Pinterest TikTok
  • Home
© 2022 E Amazings - All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.