Reserve Bank of India (RBI) will soon come out with regulatory architecture for digital lending platforms, many of which are unauthorised and illegal, Governor Shaktikanta Das said.
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).
