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Reserve Bank’s working group suggests separate law to check illegal digital loans

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Reserve Bank’s working group suggests separate law to check illegal digital loans

Mumbai, Nov 18 (PTI) To protect the interest of customers, a working group of the Reserve Bank of India (RBI) has suggested a separate law to prevent illegal digital lending through apps.

The working group has also suggested verification of lending apps by a nodal agency and setting up of a self-regulatory organization (SRO) for customers in the digital lending ecosystem.

“The report emphasizes on securing and strengthening the digital lending ecosystem while enhancing customer safety and encouraging innovation,” RBI said in a release.

In January 2021, the Reserve Bank had constituted a working group under the chairmanship of Executive Director Jayant Kumar Das for lending through online platforms and mobile apps including digital medium.

The working group was set up keeping in mind the rapidly emerging business conduct and customer safety concerns in digital lending activities.

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