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RBI mandates reporting of digital lending apps via CIMS portal from May 13
Regulated entities (REs) will now be required to report details of their digital lending apps (DLAs) through the centralised information management system (CIMS) portal of the Reserve Bank of India (RBI), the regulator said in a circular.
According to the circular, the portal will be operational for reporting from May 13, and entities will have time till June 15 to upload their initial data.
The directions include measures aimed at increasing transparency in digital lending practices, particularly in how loan products are aggregated and presented to potential borrowers.
'The instructions require REs to furnish details of their DLAs through the CIMS portal of the RBI,' the regulator said in the Reserve Bank of India (Digital Lending) Directions, 2025.
RBI further said the list of DLAs is being made available on the website for the limited purpose of aiding customers in verifying the claim of a DLA's association with an RE.
The list would be based on data submitted by the REs on the CIMS portal, without any further validation check by the RBI.
The list will be updated automatically.
The new directions are aimed at consolidating and streamlining various regulatory instructions to offer better transparency to customers, it said.
Some of the measures say that an RE should conduct enhanced due diligence before entering into an agreement with a lending service provider (LSP) for digital lending. It should take into account an LSP's technical capabilities, robustness of data privacy policies and storage systems, among others.
If the LSP has agreements with multiple REs for digital lending, then the LSP must provide a digital view of all the loan offers matching the borrower's request on the DLAs. These should meet the requirements of the borrower. The name of the unmatched lenders would also be there in the digital view.
Commenting on new directions Vijay Mani, partner and banking and capital markets leader, Deloitte India, said 'The move by the RBI to consolidate earlier guidelines on digital lending and bring in new measures relating to LSPs is a welcome move. Consumers can expect to see greater transparency and better experience. REs have an immediate deadline to meet — reporting on the CIMS portal by June 15. LSPs have more time — until November 1 — to comply with the requirements relating to presentation of multiple REs to borrowers. They have a lot of work to do to ensure full compliance.'
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