Detailed instructions regarding addition of new DLAs or deletion of any existing DLA, shall be issued shortly,” RBI governor Shaktikanta Das said.
| Photo Credit: Reuters
To aid borrowers in verifying the claim of Digital Lending App’s (DLAs) association with Regulated Entities (RE), the Reserve Bank of India (RBI) is creating a public repository of DLAs deployed by the REs which will be available on RBI’s website.
“The repository will be based on data submitted by the REs (without any intervention by RBI) directly to the repository and will get updated as and when the REs report the details, i.e., addition of new DLAs or deletion of any existing DLA. Detailed instructions in this regard shall be issued shortly,” governor Shaktikanta Das announced on Thursday (August 8, 2024).
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Guidelines on Digital Lending addressing protection of customers’ interest, data privacy, concerns on interest rates and recovery practices, mis-selling, etc. were issued on September 02, 2022.
“However, media reports have highlighted continued presence of unscrupulous players in digital lending who falsely claim their association with RBI regulated entities,” he said.
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