RBI establishes a digital lending app repository to verify legitimacy and proposes strict norms for digital lenders.

The Reserve Bank of India (RBI) is creating a public repository of digital lending apps linked to regulated entities to help customers verify if the apps are legitimate, protecting them from fraudulent ones. Regulated entities will update the repository on the RBI's website. The RBI has also proposed stringent norms for digital lenders, including a separate legislation to combat illegal digital lending activities.

August 08, 2024
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