MUMBAI: The Reserve Bank of India will soon come out with regulatory architecture for digital lending platforms, many of which are unauthorised and illegal, Governor Shaktikanta Das said on Thursday.
There have been increasing cases of alleged suicides of borrowers due to harassment by a few of the operators of digital lending apps.
“I think very soon we will be coming out with a broad regulatory architecture, which should be able to address the challenges that we are confronted with regard to lending through digital platforms, many of which are unauthorised, unregistered and, should I say, illegal,” Das said while delivering a lecture on - Indian Businesses (Past, Present and Future). He was speaking at the Iconic Week celebration as part of the ‘Azadi Ka Amrit Mahotsav’ to mark the 75th anniversary of Independence, organised by the Central Board of Indirect Taxes and Customs (CBIC). Das on Wednesday suggested that customers borrowing from unregistered digital lending apps should approach the local police in case of any issue.