As per the RBI guidelines for digital lending, a lender cannot store borrower’s data except some minimal information. As per the guidelines, a lender can store information such as the name, address, contact details of the customer etc.
The guidelines issued are applicable to the customers availing fresh loans from the date of the circular dated September 2, 2022. However, RBI has given some time to the Regulated entities to put in place the adequate system and also to ensure that existing digital loans are also in compliance with these guidelines in both letter and spirit by November 30, 2022.