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India's central bank to monitor digital lending, says recent spurt of lending apps has raised serious concerns

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. ....

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RBI sets up Working Group to study all aspects of digital lending activities in regulated, unregulated financial sector

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RBI sets up Working Group to study all aspects of digital lending activities in regulated, unregulated financial sector
ANI |
Updated: Jan 13, 2021 18:01 IST
New Delhi [India], January 13 (ANI): Reserve Bank of India (RBI) has set up a Working Group to 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.
The Working Group will consist of both internal and external members, said RBI in a statement on Wednesday.
The internal members include Jayant Kumar Dash, Executive Director, RBI (Chairman), Ajay Kumar Choudhary, Chief General Manager-in-Charge, Department of Supervision, RBI, P. Vasudevan, Chief General Manager, Department of Payment and Settlement Systems, RBI, Manoranjan Mishra, Chief General Manager, Department of Regulation, RBI (Member Secretary). ....

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