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RBI forms working group on digital lending as frauds come into sharp focus

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 within three months. Jayant Kumar Dash, Executive Director, RBI will be chairman of the group. Other three internal members are Ajay Kumar Choudhary, Chief General Manager-in-Charge, Department of Supervision, P Vasudevan, Chief General Manager, Department of Payment and Settlement Systems, RBI and Manoranjan Mishra, Chief General Manager, Department of Regulation. Mishra will be act as ....

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Big Story | Five cautions against money-lending apps - The Hindu BusinessLine

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 lending platforms, lately.

They primarily relate to exorbitant interest rates, non-transparent methods of calculating interest, harsh recovery measures and unauthorised use of personal data. ....

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Stocks to watch: HDFC Bank, RIL, BPCL, Oil India, IndiGo, CBS Bank, GCPL

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 Tuesday said SBI Mutual Fund has increased its stake in the bank to over 5 per cent. According to a regulatory filing by CSB Bank, the stake of the fund house rose from 4.96 per cent to 5.01 per cent following the acquisition of an additional 86,993 shares. ....

Saudi Arabia , Jaigad Powertransco , India Ratings Research , Life Insurance Corporation Of India , Credit Suisse , Mutual Fund , Ministry Of Defence , Power Trading Company , Indian Army , Pinfra Company , Saudi Aramco , Bank On , Jp Morgan , Container Corporation Of India , Singapore Exchange , Reliance Industries , Consumer Products , Reserve Bank , Bajaj Finance , Fair Practices Code , High Mobility , Life Insurance Corporation , Hero Motocorp , Punjab Logistics Infrastructure , Trading Company , Sindri Grinding Unit ,

RBI imposes Rs2.5 cr penalty on Bajaj Finance on methods employed by recovery agents

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. ....

Financial Services , Bajaj Finance , Reserve Bank , Managing Risks , Fair Practices Code , Mutual Fund Returns , Bank Fixed Deposits , Investor Returns , Portfolio Allocation , நிதி சேவைகள் , பஜாஜ் நிதி , இருப்பு வங்கி , நிர்வகித்தல் அபாயங்கள் , நியாயமான ப்ர்யாக்டிஸஸ் குறியீடு , பரஸ்பர நிதி வருமானம் , வங்கி சரி செய்யப்பட்டது வைப்பு , முதலீட்டாளர் வருமானம் , போர்ட்‌ஃபோலீயோ ஒதுக்கீடு ,

Regulation needed to monitor money-lending applications: Experts

Express News Service
CHENNAI: Several digital lending applications that are unauthorised by financial regulators are available on Google Play Store. The apps which look legit offer short-term credits for a high interest but end up harassing the customer by accessing their contact list and sending unpleasant messages to their family and friends.
I got a list of apps – all of which use the same Chinese white label provided app or server with names that are similar to popular Indian apps like Udhaar, FlipCash etc. One look at the privacy policy tells that all these are fake apps that are created with no legal entity, landing up on Play Store. The contact given for grievance officers are either fake or does not exist, says L Srikanth, a Fintech researcher who studied at least 10 such apps and his findings forced Google to remove them from Play Store. ....

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