RBI mulls body to check illegal lending apps
The proposed agency will enable verification of digital lending apps and maintain a public register of verified apps, sources said.
Representative image
NEW DELHI: As part of its efforts to curb growing cyber fraud, the Reserve Bank is considering establishing 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, sources said.
Apps not carrying the ‘verified’ signature of DIGITA should be considered unauthorised for the purpose of law enforcement, sources said, adding that this will serve as a pivotal checkpoint in the fight against financial crimes in the digital realm.
Google has already removed over 2,200 digital lending apps (DLAs) from its app store from September 2022 to August 2023.
The search giant has updated its policy regarding the enforcement of loan apps on the PlayStore, and only those apps are allowed which are published by the RBI’s regulated entities (REs) or those working in partnership with REs.
