RBI calls for public comments on digital lending
For online lending platforms and mobile apps, there are calls for a verification mechanism.
The Working Group on Digital Lending study, released on Thursday by the Reserve Bank of India, calls for laws to prohibit unlawful digital lending, as well as a verification method for these lenders and a self-regulatory organisation.
The report’s main focus was on improving customer protection and making the digital lending ecosystem safe and secure while fostering innovation, according to the RBI. It’s asking for public feedback by December 31, 2021.
RBI and other central banks’ digital banking initiatives
For online lending platforms and mobile apps, a verification method is being demanded.
The Reserve Bank of India released the Working Group on Digital Lending report on Thursday, calling for laws to prohibit unlawful digital lending, as well as a verification method for these lenders and a self-regulatory organisation.
“The report’s main focus was on improving client protection and securing the digital lending ecosystem while fostering innovation,” says the RBI
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