RBI will soon set up regulatory framework for digital lending platforms, many apps illegal: Governor Shaktikanta Das

Reserve Bank of India Governor Shaktikanta Das said that the central bank will soon come out with a regulatory framework for the digital loan platform.

Reserve Bank of India Governor Shaktikanta Das said that the central bank will soon come out with a regulatory framework for the digital loan platform. Please note that many of these forums are unauthorized and illegal.

reserve Bank of India (RBI) governor of Shaktikanta Das (Shaktikanta Das) said on Thursday that the central bank will soon come out with a regulatory framework for the digital loan platform. Please note that many of these forums are unauthorized and illegal. digital loan app (Digital Loan Apps) Due to harassment of borrowers by some of the operators of the loan, the cases of alleged suicide among them are increasing. Delivering a lecture on Indian business (past, present and future), Das said that he feels that very soon they will come up with a comprehensive regulatory framework. (Regulation Framework) which will be able to address the challenges faced by them with regard to lending through digital platforms. He said that many of these forums are running unauthorized and without registration. They should say that these are illegal.

The lecture was organized by the Central Board of Indirect Taxes and Customs (CBIC) under the Azadi Ka Amrit Mahotsav program.

Contact police if customers are in trouble: Das

Das had said on Wednesday that customers taking loans from the digital lending app without registration should contact the local police in case of any difficulty. He made it clear that the central bank would only take action against entities registered with it. The governor said that there is a list of apps on the RBI website which are registered with it. He said that in many states the police have taken action against the wrongdoers as per the provisions of the law.

Das said in the press release that it is his humble request to all the people using such apps to first check whether the app is registered with RBI or not. He said that if the app is registered, they assure you that the central bank will take immediate action in case of any wrongdoing. The governor said on Thursday that the RBI recognizes the role of existing and emerging businesses for economic growth. He said that the long-term success of any business is directly related to the quality of its operations, the strength of its internal control system and risk control, and the organizational culture.

read this also



(with language input)