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Home Business India's central bank wants to set up a special agency to regulate lender apps

India's central bank wants to set up a special agency to regulate lender apps

by endroar
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Once established, Digita's job will be to audit these apps to ensure compliance, i.e. whether they are legal or not. After verifying the authenticity of these lending apps, Digita will publish the list publicly so that people can understand which apps are legitimate and which are not.

According to the news, transparency will come in the world of digital loans if measures are taken to ensure the authenticity of the apps. This is deemed necessary given the prevalence of digital lending fraud in India.

Meanwhile, the RBI has already handed over a list of 442 digital lending apps to the country's IT ministry to include in Google's whitelist.

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