RBI released a report of Working Group on Digital Lending

A working group constituted by the Reserve Bank of India on digital lending through online platforms and mobile apps has submitted its report. RBI had set a WG on Digital Lending including Lending through Online Platforms and Mobile Apps, with Jayant Kumar Dash, Executive Director, RBI, as the Chairman to study all aspects of digital lending activities in the regulated financial sector as well as by unregulated players.

The working group (WG) was set up on January 13, 2021, with Jayant Kumar Dash, Executive Director, RBI as the Chairman. In the near term, the WG suggested setting up a nodal agency in consultation with stakeholders to verify the technological credentials of the Digital Lending Apps (DLAs) of the balance sheet lenders and Lending Service Providers (LSPs) operating in the digital lending ecosystem.