In this article, the authors delve into the intricacies of the BNPL mechanism, coupled with its necessity for financial inclusivity and credit extension for the unbanked in the financial system. The authors intend to provide a comprehensive analysis of the BNPL landscape in two installments. In this first installment, the authors delve into the challenges faced by the BNPL sector, the imperative need for RBI intervention, and a thorough examination of the regulatory measures implemented thus far. Building on the foundation that has been laid out, in the second part of this series, the authors will delve into the FLDG regulations, and furthermore will discuss the regulator’s working group suggestion and offer their own recommendations to enhance the landscape further. Continue reading The Changing Face of Credit: BNPL, Financial Inclusion and the RBI’s Regulatory Dilemma – Part I