Working Group On Digital Lending Report Released By RBI

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23 November 2021 Current Affairs:The Reserve Bank of India (RBI) has issued the report of the Working Group on Digital Lending.

Highlights:
♦ The Reserve Bank of India (RBI) has presented the report of its Working Group on Digital Lending, including Lending through Online Platforms and Mobile Apps.
♦ The RBI established a Working Group on Digital Lending, which includes lending through online platforms and mobile apps, 
♦ Jayant Kumar Dash, RBI’s Executive Director, as Chairman, looked at all areas of digital lending in the regulated financial sector as well as by unregulated entities.
♦ In the short term, the WG recommends establishing a nodal agency in cooperation with stakeholders to validate the technological qualifications of balance sheet lenders’ Digital Lending Apps (DLAs) and Lending Service Providers (LSPs) functioning in the digital lending ecosystem.
 

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