RBI creating public repository of digital lending apps to curb scams ...Middle East

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RBI creating public repository of digital lending apps to curb scams
Mumbai: To address the problems arising from unauthorised digital lending apps (DLAs), the Reserve Bank proposes to create a public repository of DLAs deployed by its regulated entities to help consumers verify a digital lender, RBI Governor Shaktikanta Das announced on Thursday. “The regulated entities (REs) will report and update information about their DLAs in this repository. This measure will help the consumers to identify the unauthorised lending apps,” Das explained. Union Finance Minister Nirmala Sitharaman had also recently called upon financial sector regulators, including the Reserve Bank of India (RBI), to adopt supplementary measures to curb the rise of unauthorised online lend

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