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monitor digital lending in the country. The group will study the scope of digital lending in India, identify risks in the sector “posed by unregulated digital lending”. The group will also set up a Fair Practices Code and recommend measures for data security in the sector. India’s central bank has set up a working group to monitor digital lending in the country. The group consisting of four top members of the Reserve Bank of India and two external members from a fintech firm and a cybersecurity firm will submit their observations of the digital lending sector within three months.

With frauds in digital lending space coming into sharp focus, the Reserve Bank of India has set up a working group to study digital lending activities of the regulated and unregulated players. The group will suggest steps to regulate digital lending including online lending platform and mobile lending. The recent spurt and popularity of online lending platforms/mobile lending apps have raised certain serious concerns which have wider systemic implications, RBI said in statement. The six-member panel comprised of four RBI internal and two external members is expected to submit its report wi...

Big Story | Five cautions against money-lending apps Satya Sontanam BL Research Bureau | Updated on January 09, 2021 Digital money-lending platforms may be hassle-free and convenient, but look before you leap Digital platforms claiming to offer hassle-free loans to individuals, small traders and other borrowers are in the news these days. On the sunny side, the loan processing is quick and entirely online under these apps. All that the user has to do is submit a photo ID, Aadhaar number and take a selfie for authentication. However, there have been several complaints against some of these le...

Here are the top stocks to watch in today's session: HDFC Bank: HDFC Bank has witnessed a loan growth of 19 per cent to Rs 10,82,000 crore during the third quarter ended December 2020. The bank had an outstanding loan of Rs 9,36,000 crore as of December 31, 2019, and a growth of around 4 per cent. IndiGo: IndiGo will now be able to operate longer overseas routes with its 29 Airbus A320/A321neos, powered by modified P&W engines, getting extended diversion time operations (EDTO) approval from aviation regulator DGCA, according to a report by PTI. CSB Bank: Private sector lender CSB Bank on Tues...

The Reserve Bank of India (RBI) has imposed a penalty of Rs 2.50 crore on Bajaj Finance for violation of codes governing the methods employed to recover dues amongst others.