RBI mulls to set up Digital India Trust Agency to check illegal lending apps

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NEW DELHI: As a part of its efforts to curb rising cyber fraud, the Reserve Bank is contemplating establishing a Digital India Trust Agency (DIGITA) to cease the mushrooming of illegal lending apps. The proposed company will allow verification of digital lending apps and preserve a public register of verified apps, sources stated.
Apps not carrying the ‘verified’ signature of DIGITA ought to be thought-about unauthorised for the aim of regulation enforcement, sources stated, including that it will function a pivotal checkpoint within the combat in opposition to monetary crimes within the digital realm.
DIGITA, as soon as in place, could be entrusted with the accountability of vetting digital lending apps, they famous.
According to sources, a radical verification course of would assist instil better transparency and accountability inside the rising digital lending sector, which has witnessed a surge in fraudulent actions and unscrupulous practices in latest instances.
Meanwhile, the Reserve Bank of India has shared an inventory of 442 distinctive digital lending apps with the IT Ministry to whitelist with Google.
Besides, Google has eliminated over 2,200 digital lending apps (DLAs) from its app retailer from September 2022 to August 2023.
The search large has up to date its coverage relating to the enforcement of mortgage apps on the PlayStore, and solely these apps are allowed that are revealed by the RBI‘s regulated entities (REs) or these working in partnership with REs.
This coverage change by Google has occurred on the request of the Reserve Bank of India (RBI) and the Department of Financial Services (DFS) beneath the Finance Ministry.


Nilesh Desai
Nilesh Desaihttps://www.TheNileshDesai.com
The Hindu Patrika is founded in 2016 by Mr. Nilesh Desai. This website is providing news and information mainly related to Hinduism. We appreciate if you send News, information or suggestion.

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