RBI Constitutes Working Group on Digital Lending

RBI Constitutes Working Group on Digital Lending under the chairmanship of Jayant Kumar Dash, Executive Director, RBI on January, 2021.

Key Recommendations: Subjecting the Digital Lending Apps to a verification process by a nodal agency to be setup in consultation with stakeholders.

• Setting up of a Self-Regulatory Organisation (SRO) covering the participants in the digital lending ecosystem.
• A separate legislation to prevent illegal digital lending activities.
• Development of certain baseline technology standards and compliance with those standards as a pre-condition for offering digital lending solutions.