Digital Lending-General and Repeal Provisions

Date: May 08,2025.

29. General provisions - Digital Lending

i. EMI programmes on Credit Card are governed specifically by Para 6(b)(iii)12 of the Master Direction on Credit Card and Debit Card – Issuance and Conduct, 2022 dated April 21, 2022. Such transactions shall not be covered under these Directions. However other loan products offered on Credit Cards which are not covered/ envisaged under the aforesaid para of the Master Direction shall be governed by the stipulations laid down under these Directions. Further, these Directions shall also be applicable to all loans offered on Debit Card, including EMI programmes.

ii. DLG arrangements entered between RE and LSP conforming to the instructions laid down in Chapter VI of these Directions shall not be treated as synthetic securitisation as defined under para 6(c) of Master Direction – Reserve Bank of India (Securitisation of Standard Assets) Directions, 2021 dated September 24, 2021 and shall also not attract the provisions of ‘loan participation’ as defined under Para 9(e) of the Reserve Bank of India (Transfer of Loan Exposures) Directions, 2021 dated September 24, 2021.

iii. These Directions are without prejudice to any other extant regulatory norms or statutory provisions as applicable to the RE's activities, from time to time.

30. Repeal provisions

i. With the issuance of these Directions, the instructions/guidelines contained in the circulars mentioned in the Annex - III issued by RBI stand repealed.

ii. Notwithstanding the repeal under sub-para (i), anything done or any action taken or purported to have been done or taken, or any direction given or any proceeding taken or any penalty or fine imposed under the repealed enactments shall, insofar as it is not inconsistent with the provisions of these Directions, be deemed to have been done or taken under the corresponding provisions of these Directions.