New Delhi: The Government today said that the Reserve Bank of India (RBI) had constituted a working group on digital lending including lending through online platforms and mobile apps.
In a written reply in the Lok Sabha, Finance Minister, Nirmala Sitharaman said that the regulatory guidelines issued by the RBI on digital lending aims at enhancing customer protection and making digital lending ecosystem safe and sound.
She said, the guidelines mandate regulated entities (REs) which are banks and NBFC to ensure that the lending service providers engaged by them and the digital lending apps comply with the guidelines. The guidelines states that lending service provider cannot charge any fee, charges from the borrower and same must be paid directly by the REs with which they are engaged.
The Minister further stated that the Government is constantly engaged with RBI and other concerned Regulators stakeholders with the objective to control fraudulent loan apps.
The objective is to remain proactive, maintain cyber security preparedness with constant vigil and take appropriate and timely action to mitigate any such vulnerabilities in the Indian financial system.
