RBI forms six-member working group to regulate digital lending frauds

The Reserve Bank of India (RBI) has set up a working group to study digital lending activities of the regulated and unregulated players, due to the growing instances of frauds in digital lending space. The group will suggest steps to regulate digital lending including online lending platform and mobile lending. The group will evaluate digital lending activities and assess the penetration and standards of outsourced digital lending activities in RBI regulated entities.

WARRIOR 4.0 | Banking Awareness Batch for SBI, RRB, RBI and IBPS Exams | Bilingual | Live Class

The six-member panel comprises of following four RBI internal and two external members:

  1. Jayant Kumar Dash, Executive Director, RBI (Chairman)
  2. Ajay Kumar Choudhary, Chief General Manager-in-Charge, Department of Supervision (Member)
  3. P Vasudevan, Chief General Manager, Department of Payment and Settlement Systems, RBI (Member)
  4. Manoranjan Mishra, Chief General Manager, Department of Regulation (Member Secretary)
  5. Vikram Mehta, Co-founder, Monexo Fintech (External Member)
  6. Rahul Sasi, Cyber Security Expert & Founder of CloudSEK (External Member)

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