The ‘buy now, pay later’ (BNPL) game is set for a big change. The Reserve Bank of India (RBI) has sought details of shadow banks’ BNPL arrangements with e-commerce (e-com) players.
The central bank has also asked for information on their roles as transferor or transferee for loans under its “Master Direction on Transfer of Loan Exposures”, issued on September 24, 2021. The urgency of the issue was evidenced in the RBI’s email to non-banking financial companies (NBFCs) on Monday: That the data is to be submitted by the end of the day. Senior officials in NBFCs and the BNPL universe are unanimous that “the RBI appears to have taken the first steps towards sizing up this market, and usher in