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RBI has notified the Guidelines on Digital Lending on September 2nd, 2022 applicable to all banks and non banking finance companies to ensure protection of customers. Regulated entities cannot store customer data except for minimal information and borrowers will be given the option to deny consent for use of specific data. There is also a requirement to provide a key fact statement to customers and that all the digitally signed documents with respect to the borrower’s data shall automatically flow to the borrower on their registered email/SMS upon execution of the loan documents.