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RBI Working Group constituted on digital Lending 

  • IASbaba
  • January 14, 2021
  • 0
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RBI Working Group constituted on digital Lending 

Part of: GS Prelims and GS-III – Economy 

In news 

  • The RBI has constituted a working group on digital lending — including online platforms and mobile apps — to study all aspects of digital lending activities in the regulated financial sector and by unregulated players.

Key takeaways 

  • The working group consists of both internal and external members and is chaired by Jayant Kumar Dash, Executive Director, RBI. 
  • Functions of the working group will: (1) Evaluate digital lending activities and assess the penetration and standards of outsourced digital lending activities in RBI regulated entities; (2) Identify the risks posed by unregulated digital lending to financial stability, regulated entities and consumers; (3) Suggest regulatory changes to promote orderly growth of digital lending; (4) t Fasds measures for expansion of specific regulatory or statutory perimeter and suggest the role of various regulatory and government agencies; (5) Recommend a robust fair practices code for digital lending players.
  • EpThe group will submit its report within three months.

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