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RBI sets up working group to create a regulatory framework for digital lending platforms

Shortpedia

Content Team
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RBI has constituted a ‘Working Group’ to suggest steps to regulate digital lending by online platforms and mobile applications, the central bank said. This move comes at a time when several digital lenders are being indicted for imposing unethical and extortionary lending practices. “Recent spurt and popularity of online lending platforms has raised certain serious concerns which have wider systemic implications,” said the RBI.