Regulations for digital lending apps soon: RBI

Mumbai, June 9

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The RBI will soon come out with regulatory architecture for digital lending platforms, many of which are unauthorised and illegal, Governor Shaktikanta Das said on Thursday.

There have been increasing cases of alleged suicides of borrowers due to harassment by a few of the operators of digital lending apps.

“I think very soon we will be coming out with a broad regulatory architecture, which should be able to address the challenges that we are confronted with regard to lending through digital platforms, many of which are unauthorised, unregistered and, should I say, illegal,” Das said.

He was speaking at the ‘Iconic Week’ celebrations as part of the ‘Azadi Ka Amrit Mahotsav’ organised by the Central Board of Indirect Taxes and Customs.