India central bank cautions non-bank lenders against growing reliance on algo credit models

MUMBAI (Reuters) - India's central bank has cautioned non-bank finance companies against becoming over-reliant on algo-based credit models.

Such rule-based models can lead to inaccuracies in credit assessment, Deputy Governor Swaminathan J said in a speech, dated May 15, released on the central bank's website on Wednesday.

(Reporting by Ira Dugal; Editing by Sohini Goswami)