Top
Begin typing your search above and press return to search.
exit_to_app
The genocide in West Bengal
access_time 2021-04-13T11:08:29+05:30
A model mosque in Gujarat
access_time 2021-04-12T17:13:34+05:30
Revelations about the Rafale deal
access_time 2021-04-12T11:46:42+05:30
bengal politics
access_time 2021-04-10T15:31:56+05:30
Varanasi follows Ayodhyas lead
access_time 2021-04-10T11:16:48+05:30
DEEP READ
A model mosque in Gujarat
access_time 2021-04-12T17:13:34+05:30
Towards a digital emergency?
access_time 2021-02-27T14:50:41+05:30
The slaughter of democracy in Puducherry
access_time 2021-02-24T11:27:21+05:30
Populist Fascism
access_time 2021-01-31T17:19:29+05:30
Media Freedom
access_time 2021-01-31T15:47:07+05:30
Sharjeel Imam
access_time 2021-01-30T15:19:40+05:30
exit_to_app
Homechevron_rightBusinesschevron_rightRBI to form Working...

RBI to form Working Group on digital lending

text_fields
bookmark_border
RBI to form Working Group on digital lending
cancel

Reserve Bank of India (RBI) is setting up a Working Group of seven members to study all the aspects of digital lending activities through the regular financial sector and as well as in unregulated players. The new intervention is happening in the background of the recent spurt and popularity of online lending platforms and mobile lending apps, RBI notified on Wednesday. Working Group will be chaired by Jayant Kumar Dash, Executive Director, RBI. Group has been asked to submit a report within 3 months.

"While penetration of digital methods in the financial sector is a welcome development, the benefits and certain downside risks are often interwoven in such endeavors. A balanced approach needs to be followed so that the regulatory framework supports innovation while ensuring data security, privacy, confidentiality, and consumer protection" RBI observed.

Based on the official press release, Working Group will be responsible for identifying risks posed by unregulated digital lending to financial stability, regulated entities, and consumers, suggesting regulatory changes, and measures for enhanced consumer protection and to recommend a robust Fair Practices Code for digital lending players, insourced or outsourced.

Show Full Article
TAGS:
Next Story