RBI to set up repository of lending apps to check unauthorised players
The Reserve Bank on Thursday proposed to create a public repository of digital lending apps in a bid to address the problems arising from mushrooming unauthorised players in the segment.
In another significant move, the central bank proposed to introduce a facility of "Delegated Payments" in UPI to enable an individual to allow another individual to make UPI transactions.
In a post-monetary policy review address, RBI Governor Shaktikanta Das said the central bank has taken several measures for the orderly development of the digital lending ecosystem in India.
In a bid to address the problems arising from unauthorised digital lending apps (DLAs), he said the RBI proposes to create a public repository of DLAs deployed by its regulated entities.
"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 said.
On introduction of 'Delegated Payments' through U