The working group formed by the Reserve Bank of India (RBI) to study the scope and prospects of digital lending is likely to submit its report by the end of August.
Interacting with the media post the Monetary Policy Committee’s meeting, RBI Governor Shaktikanta Das said that the report is in its final stages.
“Report of the committee on digital lending is in final stages. That report may be submitted within this month. It took additiaonl time because the committee needed more time for the consultation process,” he said.
Das said that after the report is submitted, the RBI will study, examine, and work further on the report.
In January, the RBI constituted a working group to study digital lending, including lending through online platforms and mobile apps.
The committee consists of RBI Executive Director Jayant Kumar Dash, (Chairman), RBI’s Chief General Manager-in-Charge, Department of Supervision, Ajay Kumar Choudhary, RBI’s Chief General Manager, Department of Payment and Settlement Systems, P. Vasudevan, among others.
The Terms of Reference for the working group are to evaluate digital lending activities and assess the penetration and standards of outsourced digital lending activities in RBI regulated entities, and identify risks posed by unregulated digital lending to financial stability, regulated entities and consumers among others.