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RBI to establish public repository for digital lending apps to curb unauthorised practices.
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Regulated entities must report their digital lending apps to RBI to mitigate issues.
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DIGITA to verify digital lending apps and maintain a public register.
The Reserve Bank of India (RBI) plans to create a public repository for digital lending apps to tackle unauthorised practices. RBI Governor Shaktikanta Das announced this move during the monetary policy review address on August 8. The repository will help identify and regulate digital lending apps, reducing the risk of financial crimes.
The Digital India Trust Agency (DIGITA) will be responsible for verifying digital lending apps and maintaining a public register of verified apps. This step aims to combat financial crimes in the digital space. The RBI has also decided to keep the repo rate unchanged at 6.5 percent, indicating a positive outlook for the country’s economy.
The move is expected to bring transparency and accountability to digital lending practices, protecting consumers from unauthorised apps. By creating a public repository, RBI aims to promote a safe and secure digital lending ecosystem.
