Categories: Banking

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.

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

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

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Sumit Arora

As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.