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News: Reserve Bank of India(RBI) has constituted a working group on digital lending — including online platforms and mobile apps.
Facts:
- Objective: The working group will study digital lending activities in the regulated and unregulated financial sector so that an appropriate regulatory approach can be put in place.
- Composition: The working group comprises six members–four will be from within the RBI and the remaining will be external. Jayant Kumar Dash, executive director at the RBI will head the group that has been advised to submit its report within three months.
- Terms of Reference of the Digital Lending Working Group:
- Evaluation of digital lending activities and assessing the penetration and standards of outsourced digital lending activities in RBI regulated entities.
- Identifying risks posed by unregulated digital lending to financial stability, regulated entities and consumers.
- Suggesting regulatory changes, if any, to promote orderly growth of digital lending.
- Recommending measures, if any, for expansion of specific regulatory or statutory perimeter and suggesting the role of various regulatory and government agencies.
- Recommending a robust fair practices code for digital lending players Suggesting measures for enhanced consumer protection.
- Recommending measures for robust data governance, data privacy and data security standards for deployment of digital lending services.
