RBI forms panel to suggest measures for promoting digital lending
India
Published: Wednesday, January 13, 2021, 19:05 [IST]
Mumbai, Jan 13: Amid rising incidents of harassments relating to online lending, the Reserve Bank on Wednesday constituted a working group to suggest regulatory measures to promote orderly growth of digital lending.
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The RBI said that the recent spurt and popularity of online lending platforms/mobile lending apps has raised certain serious concerns which have wider systemic implications. Against this backdrop, a Working Group (WG) is being set up 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 central bank said.
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RBI sets up panel to suggest measures for promoting digital lending
Amid rising incidents of harassment relating to online lending, the Reserve Bank on Wednesday constituted a working group to suggest regulatory measures to promote orderly growth of digital lending. The RBI said that the recent spurt and popularity of online lending platforms/mobile lending apps has raised certain serious concerns which have wider systemic implications. Against this backdrop, a Working Group (WG) is being set up 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 central bank said.
Representative Image
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).