Fintechs set for change as norms for debt collection practices are updated

The Fintech Association for Consumer Empowerment’s (FACE’s) rollout of debt collection norms breathes life into Mint Road’s self-regulatory organisation (SRO) framework. The norms’ impact will be felt in governance, agent conduct, borrower disclosure, data protection, and safeguards for digital and field recoveries. They will also shape the work of shadow banks, lending service providers (LSPs), and collection-tech firms. Stricter collection protocols mean you can’t push credit as in the past (its return leg has to be taken into account); business models may have to be tweaked even as fintech funding heads southwards. 

So, how are we