The Reserve Bank of India on 13 January set up a Working Group (WG) on digital lending to conduct a comprehensive study on regulated as well as unregulated digital lending activities so as to establish an appropriate regulatory framework that embraces innovations without compromising security.
Rahul Sasi, cybersecurity expert and the founder of CloudSEK, is an external member of the 6-member expert panel, along with Jayant Kumar Dash (Executive Director, RBI), Ajay Kumar Choudhary (RBI Chief General Manager-in-Charge, Department of Supervision), P. Vasudevan (RBI Chief General Manager, Department of Payment and Settlement Systems), Manoranjan Mishra (RBI Chief General Manager, Department of Regulation), and Vikram Mehta (Co-founder, Monexo Fintech).
RBI’s Working Group headed by Jayant Kumar Dash has 4 internal and 2 external members who have been advised to submit their report in three months. They are tasked with the evaluation of digital lending activities in RBI regulated and unregulated entities. They also assess the adverse impacts such activities may have on financial stability, regulated entities and consumers. The group shall also suggest changes in regulatory requirements, standards, and best practices, propose measures to strengthen consumer protection, suggest measures to establish a robust data governance framework, data privacy and data security standards prior to deploying digital lending services.
- Reserve Bank constitutes a Working Group on digital lending including lending through online platforms and mobile apps., Jan 13, 2021 — Reserve Bank of India
- Monexo, CloudSEK founders in RBI’s digital lending panel, Jan 14,2021 – Times of India
- RBI constitutes working group on digital lending, Jan 13, 2021 – MoneyControl.com
- RBI forms working group to evaluate digital lending, Jan 14, 2021, – Financial Express
- Reserve Bank of India Forms Group to Evaluate Digital Lending, Jan 13,2021 – NDTV.com