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RBI receives complaints against 1,509 digital lending apps

URL copied RBI receives complaints against 1,509 digital lending apps The Reserve Bank of India (RBI) intimated that it has received complaints against 1,509 digital lending applications, Minister of State for Finance Anurag Singh Thakur said in a written reply to the Lok Sabha on Monday. The RBI has received complaints against 1,019 unregistered or unregulated digital loan applications and 490 registered NBFCs that are engaged in digital lending, he said. The central bank in December cautioned the general public against unauthorised digital lending platforms/apps with an appeal to verify the antecedents of the service provider, the minister added. A working group (WG) has been 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, he said.

RBI received complaints against over 1,500 loan apps: Thakur

This includes 490 complaints against registered NBFCs The Government on Monday informed the Lok Sabha that Reserve Bank of India has received complaints against 1,500 digital lending applications (popularly known as loan apps). It also informed the Lower House that there will be no change in service conditions of employees of BPCL post-disinvestment. Loan app In a written answer to a question in the Lok Sabha, Minister of State in Finance Ministry Anurag Singh Thakur said no data is captured by the Corporate Affairs Ministry regarding the number of registered companies providing online apps-based loan in the country at present. Meanwhile, the “RBI has intimated that it has received complaint against 1,509 digital lending applications,” he said. This includes 490 complaints against registered NBFCs which are operating digital loan apps, while 1,019 complaints are against unregistered/unregulated digital loan applications.

Digital lending: Now more than ever we need fintechs to democratise credit, uplift livelihoods

Digital lending: Now more than ever we need fintechs to democratise credit, uplift livelihoods The digital innovation India has made so far is here to stay. It needs adoption into commercial application to deepen the financial inclusion net Financial inclusion can only be improved by strengthening consumer awareness and increasing product choices The Bill & Melinda Gates Foundation s annual report 2019 titled Goalkeepers: Examining Inequality , tracked the global progress in meeting the UN s Sustainable Development Goals (SDGs) by 2030. It mentioned that geography and gender are the biggest drivers of inequality, which can be addressed with smart policies built around digital technology that improves both the quality and reach of government services .  

Immobilise unregistered digital lending apps

RBI sets up panel to suggest regulations on digital lending

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 security, priv

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