India: Report of the RBI Task Force on Digital Lending
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The RBI has released the report of its task force on regulating the country’s digital lending ecosystem. In this update, we cover key aspects of the report such as recommendations for regulation of various players in the digital lending space, proposed security standards, data storage and transparency requirements, and data protection. consumers.
On November 18, 2021, the Digital Lending Task Force (GT) incorporated by the Reserve Bank of India (RBI) released its report on the digital lending ecosystem, including lending through online platforms and mobile apps (Reporting).
The report distinguishes digital loans from conventional loans based on its use of digital technologies for loan processes such as credit reporting, loan approval, loan disbursement, loan repayment and customer service .
The recommendations and suggestions made by the task force aim to balance the benefits of digital innovation with consumer interest. They also seek to protect the integrity of the digital lending system from unregulated or unauthorized entities carrying out lending activities and to prevent the digital lending ecosystem from disrupting existing players.
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