RBI Panel proposes a separate law to combat Illegal Digital Lending

  • The recommendations include subjecting the Digital Lending Apps to a verification process by a nodal agency to be set up in consultation with stakeholders and setting up a Self-Regulatory Organisation covering the participants in the digital lending ecosystem.
  • The RBI had constituted the working group on digital lending including lending through online platforms and mobile apps on January 13, 2021, under the chairmanship of Jayant Kumar Dash, Executive Director, RBI. The working group was set up in the backdrop of business conduct and customer protection concerns arising out of the spurt in digital lending activities.
  • The working group has recommended separate legislation to prevent illegal digital lending activities.
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