The Reserve Bank of India (RBI) has constituted an internal working group to recommend regulations for digital lending platforms and mobile applications, it said in a press release on Wednesday. Among other aspects, working group is tasked with reccomending policies for consumer protection and creating a Fair Practices Code for digital lending and fintech lending industry. Banks and non-bank lenders that are regulated by the RBI have been outsourcing their customer acquisition practice to third-party websites and online lending platforms over the last decade. But as internet and mobile penetration increased, young startups and fintechs also entered the lending space by creating loan apps that would source clients on behalf of legitimate lenders in exchange for a fee. While the fintech is responsible for collecting documents and verifying the customers' information, lenders were able to bring down their cost of…
- Summary: ONDC seeks feedback on trust-building measures in latest consultation paper October 3, 2022
- RBI has the powers to regulate payment aggregators: Delhi High Court October 3, 2022
- “Security Concerns” Prevented Meta from Releasing Full Report on Impact of Hate Speech on India October 3, 2022
- Meta Faces Allegations of Non-Consensual Interception of Browsing Activity in New Class-Action Suit October 3, 2022
- PrivacyNama Session: Chief Privacy Officer Roundtable; October 7 October 1, 2022
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
The Structure and Style of a Dogma Community: Conspiracy theories and organized Twitter engagement on Sushant Singh Rajput
Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement
Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?
A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'
India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...
Why ‘group privacy’ should be recognised, and how ‘non-personal’ data becomes a regulatory blindspot
There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...