India's central bank calls for legislation to regulate digital lending apps
Source: Xinhua | 2021-11-19 | Editor:Ines
India's central bank has called for legislation by the country's federal government to prevent illegal lending activities in the digital lending app segment, as per its panel report on digital lending released Thursday.
"The thrust of the report has been on enhancing customer protection and making the digital lending ecosystem safe and sound while encouraging innovation," the report released by the Reserve Bank of India said.
According to the report, there were 1,100 lending apps for Indian Android users across 80 application stores and over 600 apps were found to be illegal loans apps, while the central bank's portal had received 2,562 related consumer complaints from January 2020 to March 2021.
The expert panel was constituted in January following concerns over customer protection and business conduct issues as a fallout of rising digital lending activities in India. It has invited public comments to the report by Dec. 31.
Apart from verification of digital lending apps, the report also called for setting up Self-Regulatory Organization covering the participants in the digital lending ecosystem.
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