RBI Constitutes Working Group on Digital Lending
- On January 13th, 2021, the RBI constituted a working group to study digital lending, including lending through online platforms and mobile apps.
- The working group will study all aspects of digital lending activities in the regulated financial sector as well as by unregulated players so that an appropriate regulatory approach can be put in place.
Need
- Recent spurt and popularity of online lending platforms/mobile lending apps (‘digital lending’) has raised certain serious concerns which have wider systemic implications.
- This move assumes significance in the context of recent reports of illegal app-based lenders thriving across the country.
Terms of Reference
- Evaluate digital ....
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