The Reserve Bank of India will establish a Digital India Trust Agency (DIGITA) to stop the mushrooming of illegal lending apps.
Banking & Finance
The Reserve Bank of India will establish a Digital India Trust Agency (DIGITA) to stop the mushrooming of illegal lending apps. The proposed agency will enable verification of digital lending apps and maintain a public register of verified apps. Apps not carrying the 'verified' signature of DIGITA should be considered unauthorised for the purpose of law enforcement, this will serve as a pivotal checkpoint in the fight against financial crimes in the digital realm. DIGITA would be entrusted with the responsibility of vetting digital lending apps. Meanwhile, the Reserve Bank of India has shared a list of 442 digital lending apps with the IT Ministry to whitelist with Google.
Besides, Google has removed over 2,200 digital lending apps (DLAs) from its app store from September 2022 to August 2023.
Google has updated its policy regarding the enforcement of loan apps on the PlayStore, and only those apps, which are published by the RBI's regulated entities (REs) or those working in partnership with REs, are allowed
This policy change by Google has happened at the request of the Reserve Bank of India (RBI) and the Department of Financial Services (DFS) under the Finance Ministry.
Reserve Bank of India (RBI)
Deputy governors- Swaminathan J, M. Rajeshwar Rao, Michael Debabrata Patra and T. Rabi Shankar
HQ- Mumbai
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