RBI Policy
To create public repository of digital lending apps
This story was originally published at 13:15 IST on 8 August 2024
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--RBI Das: To create public repository of digital lending apps
--RBI Das:Public repository to help prevent unauthorised lending apps
MUMBAI – The Reserve Bank of India is creating a public repository of digital lending applications deployed by the regulated entities which will be available on the central bank’s website, Governor Shaktikanta Das said today.
Das said guidelines on digital lending addressing the protection of customers' interest, data privacy, concerns on interest rates, recovery practices and mis-selling were issued on September 2022. However, media reports have highlighted the continued presence of unscrupulous players in digital lending who falsely claim their association with RBI-regulated entities.
The repository will be based on data submitted by the regulated entities directly to the repository and will get updated as and when the regulated entities report details about the addition of new digital lending applications or deletion of any existing ones.
The RBI will shortly issue detailed instructions regarding this repository for digital lending applications. End.
Reported by Richard Fargose
Edited by Tanima Banerjee
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