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Most e-lending apps not Registered with RBI

Published on June 09, 2022
Current Context: As per recent data, RBI has cleared that Customers borrowing from unregistered digital lending apps should approach the local police in case of any issue, as the central bank will only act against entities registered with it.
Most e-lending apps not Registered with RBI
  • It has been observed that there is an increase in a spate of alleged suicides abetted by harassment by agents or officials of lending apps, RBI has cleared that many e-lending apps are not registered with the central bank and operate by themselves.
  • If any complaints come from the unregistered e-lending app the central bank directs customers of such to approach the local police, which will conduct an investigation and take necessary action on the issue.
  • Apart from that to provide the proper clarity RBI has listed the apps that are registered with it.
  • Besides RBI had set up a Working Group on Digital Lending in February 2021 and the group released a comprehensive report suggesting regulating the space in November 2021.
  • RBI also cautioned customers against falling for fraud by clicking on links in SMSes promising quick loans.

Question:

Q.1 RBI has set up a digital lending working group to come up with a regulation for digital lending apps in which of the following year?
a. 2022
b. 2021
c. 2020
d. 2018
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