It Is the Best of Times, and the Worst of Times: India’s New Digital Lending Recommendations

Categories : Digital Money and payments, Technology and Operational Enablers


Author: Centre for Financial Inclusion

On August 10, the Reserve Bank of India (RBI) released their recommendations on digital lendingThis is a significant moment, especially since the Indian government recently withdrew the data protection bill that aimed to protect consumers from the risks of digitalization and data proliferation. The bill, launched in 2019, was designed in light of concerns about data misuse by private players. A new bill is proposed as an alternative. However, while India awaits this, data regulation depends on sectoral regulations. These new recommendations on digital lending will help to regulate the multitude of digital lending apps that have exploded across India, and how they use consumer data. Find out more on this Center for Financial Inclusion Article