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RBI sets up panel to suggest regulations on digital lending The 6-member working group has been formed to study digital lending in regulated as well as unregulated financial sector to devise a regulatory framework for the same BusinessToday.In | January 14, 2021 | Updated 20:08 IST Reserve Bank of India has formed a working group to suggest ways to efficiently regulate the booming digital lending space. The 6-member working group has been formed to study digital lending in regulated as well as unregulated financial sector to devise a regulatory framework for the same. Digital lending has the potential to make access to financial products and services more fair, efficient and inclusive. While penetration of digital methods in the financial sector is a welcome development, the benefits and certain downside risks are often interwoven in such endeavours. A balanced approach needs to be followed so that the regulatory framework supports innovation while ensuring data ....
The working group will 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. ....
Updated Jan 13, 2021 | 18:31 IST The working group will evaluate digital lending activities and assess the penetration and standards of outsourced digital lending activities in RBI regulated entities RBI forms panel on digital lending including lending through online platforms, mobile apps New Delhi: The Reserve Bank of India (RBI) on Wednesday (January 13) constituted a panel to study digital lending, including lending through online platforms and mobile apps. In its statement, the RBI said: The 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. ....
RBI Sets Up Working Group on Digital Lending from Online Platforms and Mobile Apps Moneylife Digital Team 2 Taking cognizance of the spurt in digital lending by online platforms and mobile apps, the Reserve Bank of India (RBI) has set up a working group to evaluate and recommend measures on digital lending. This group will also identify risks posed by unregulated digital lending to financial stability, regulated entities, and consumers.
In a release, RBI says, While penetration of digital methods in the financial sector is a welcome development, the benefits and certain downside risks are often interwoven in such endeavours. A balanced approach needs to be followed so that the regulatory framework supports innovation while ensuring data security, privacy, confidentiality and consumer protection. ....
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). ....