Login

News on Medial

RBI Looking To Set Up An Agency To Curb Illegal Lending Apps

Inc42Inc42 · 7m
RBI Looking To Set Up An Agency To Curb Illegal Lending Apps

The Reserve Bank of India (RBI) is considering establishing a public register of whitelisted lending apps to crack down on illegal lending platforms in the country. In response to multiple deaths by suicide linked to predatory practices by digital lenders, the RBI plans to create the Digital India Trust Agency (DIGITA) to issue 'verified' signatures for authorized entities. Lending apps without this verification would be deemed unauthorized and face strict action. The RBI has taken steps in the past to regulate online lending platforms, such as directing Google to implement stricter norms and removing fraudulent lending apps from its Play Store. Despite efforts to curb these platforms, the Indian lendingtech market is projected to become a $1.3 trillion opportunity by 2030.

2
View Source

Comments

More Like this

Finance Minister Holds Top-Level Meet To Cull Illicit Spread Of Digital Lending Apps

Finance Minister Holds Top-Level Meet To Cull Illicit Spread Of Digital Lending Apps

Most Indian Consumers Still Susceptible To Illegal Loan Apps

Most Indian Consumers Still Susceptible To Illegal Loan Apps

We have asked Google, Apple not to onboard illegal, unsafe apps: Rajeev Chandrasekhar

We have asked Google, Apple not to onboard illegal, unsafe apps: Rajeev Chandrasekhar

ED takes action against illegal online gambling

ED takes action against illegal online gambling

Centre’s Probe Against Chinese Entities Linked To Loan Apps In Final Stages

Centre’s Probe Against Chinese Entities Linked To Loan Apps In Final Stages

RBI orders Bajaj Finance to stop lending via ‘eCOM’ and ‘Insta EMI Card’

RBI orders Bajaj Finance to stop lending via ‘eCOM’ and ‘Insta EMI Card’

RBI To Set Up Public Repository Of Digital Lending Apps

RBI To Set Up Public Repository Of Digital Lending Apps

RBI To Roll Out Unified Lending Interface To Offer Credit To Agricultural & MSME Borrowers

RBI To Roll Out Unified Lending Interface To Offer Credit To Agricultural & MSME Borrowers

Google removes over 2,200 fake loan apps from play store: MoS Finance

Google removes over 2,200 fake loan apps from play store: MoS Finance

Google reaches tentative settlement with 36 states and DC over alleged app store monopoly

Google reaches tentative settlement with 36 states and DC over alleged app store monopoly

Download the medial app to read full posts, comements and news.