Digital Lending Rules

Finance Minister Nirmala Sitharaman has discussed various issues related to illegal loan apps in a meeting and decided to take a host of measures to check operations of such apps, amid rising instances of digital fraud.

The Indian government is stepping up scrutiny on digital lending apps in an attempt to weed out ones which conduct unethical lending and recovery practices, the government said in a notification on Friday.

Reserve Bank of India Deputy Governor M Rajeshwar Rao on Thursday said the recently released digital lending norms are designed to end regulatory arbitrage and protect customers.

India's stricter digital lending rules have disrupted card services of foreign-backed fin-tech firms and jeopardised loan offerings of Amazon, prompting companies to chart a lobbying pushback, according to industry sources and a document seen by Reuters.

The Reserve Bank of India on Wednesday released the first set of norms to regulate digital lending to crack down on the growing number of online frauds and unlawful activities.

The Reserve Bank of India formed a working group to look at digital lending in the country, including lending through online platforms and mobile applications, it said in a statement.

Finance Minister Nirmala Sitharaman has discussed various issues related to illegal loan apps in a meeting and decided to take a host of measures to check operations of such apps, amid rising instances of digital fraud.

The Indian government is stepping up scrutiny on digital lending apps in an attempt to weed out ones which conduct unethical lending and recovery practices, the government said in a notification on Friday.

Reserve Bank of India Deputy Governor M Rajeshwar Rao on Thursday said the recently released digital lending norms are designed to end regulatory arbitrage and protect customers.

India's stricter digital lending rules have disrupted card services of foreign-backed fin-tech firms and jeopardised loan offerings of Amazon, prompting companies to chart a lobbying pushback, according to industry sources and a document seen by Reuters.

The Reserve Bank of India on Wednesday released the first set of norms to regulate digital lending to crack down on the growing number of online frauds and unlawful activities.

The Reserve Bank of India formed a working group to look at digital lending in the country, including lending through online platforms and mobile applications, it said in a statement.