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.
