The Reserve Bank of India (RBI) has set up a Working Group (WG) to study all aspects of digital lending activities in the regulated financial sector as well as by unregulated entities so that an appropriate regulatory approach can be executed.
It includes lending through online platforms and mobile applications, as growing popularity of digital lending has raised certain serious concerns which have wider systemic implications.
WG is being set up to regulate framework supports innovation while ensuring data security, privacy, confidentiality and consumer protection.
The Group has been advised to submit its report within three months.
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Knowledge Source:
First Ever Paperless budget on 1st February, 2021