Question
Industry body FACE has applied to the Reserve Bank of
India (RBI) to take on the role of a self-regulatory organisation (SRO) in the digital lending industry. What is the acronym of ‘C’ in FACE?Solution
FACE - Fintech Association for Consumer Empowerment Industry body Fintech Association for Consumer Empowerment (FACE) has applied to the Reserve Bank of India (RBI) to take on the role of a self-regulatory organisation (SRO) in the digital lending industry. The report of the RBI working group on digital lending, released on November 18, recommended, among other things, the constitution of an SRO covering the participants in the digital lending ecosystem. Member companies of FACE cater to more than half of the consumer lending market volumes in India and serve a cumulative consumer base of over 90 lakh consumers across 19,000 pin codes. Â
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