{"id":257507,"date":"2021-11-22T10:30:26","date_gmt":"2021-11-22T05:00:26","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=257507"},"modified":"2021-11-22T09:24:33","modified_gmt":"2021-11-22T03:54:33","slug":"rbi-releases-report-of-working-group-on-digital-lending-including-lending-through-online-platforms-and-mobile-apps","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/11\/22\/rbi-releases-report-of-working-group-on-digital-lending-including-lending-through-online-platforms-and-mobile-apps\/","title":{"rendered":"RBI releases Report of Working Group on digital lending including lending through online platforms and mobile apps"},"content":{"rendered":"<p style=\"text-align: justify;\">On November 18, 2021, the <a href=\"https:\/\/www.rbi.org.in\/Scripts\/PublicationReportDetails.aspx?UrlPage=&amp;ID=1189\">Report<\/a> submitted by Working Group on digital lending including lending through online platforms and mobile apps has been released by RBI for public comments. The thrust of the report has been on enhancing customer protection and making the digital lending ecosystem safe and sound while encouraging innovation.<\/p>\n<p style=\"text-align: justify;\">\n<h4 style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Key Recommendations:<\/span><\/h4>\n<ul style=\"text-align: justify;\">\n<li>Subjecting the Digital Lending Apps to a verification process by a nodal agency to be setup in consultation with stakeholders.<\/li>\n<li>Setting up of a Self-Regulatory Organisation (SRO) covering the participants in the digital lending ecosystem.<\/li>\n<li>A separate legislation to prevent illegal digital lending activities.<\/li>\n<li>Development of certain baseline technology standards and compliance with those standards as a pre-condition for offering digital lending solutions.<\/li>\n<li>Disbursement of loans directly into the bank accounts of borrowers; disbursement and servicing of loans only through bank accounts of the digital lenders.<\/li>\n<li>Data collection with prior and explicit consent of borrowers with verifiable audit trails.<\/li>\n<li>All data to be stored in servers located in India.<\/li>\n<li>Algorithmic features used in digital lending to be documented to ensure necessary transparency.<\/li>\n<li>Each digital lender to provide a key fact statement in a standardised format including the Annual Percentage Rate.<\/li>\n<li>Use of unsolicited commercial communications for digital loans to be governed by a Code of Conduct to be put in place by the proposed SRO.<\/li>\n<li>Maintenance of a \u2018negative list\u2019 of Lending Service Providers by the proposed SRO.<\/li>\n<li>Standardised code of conduct for recovery to be framed by the proposed SRO in consultation with RBI.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\">\n","protected":false},"excerpt":{"rendered":"<p>On November 18, 2021, the Report submitted by Working Group on digital lending including lending through online platforms and mobile apps has <\/p>\n","protected":false},"author":8808,"featured_media":253309,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[],"class_list":["post-257507","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>RBI releases Report of Working Group on digital lending including lending through online platforms and mobile apps | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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partnerships.","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"Reserve Bank of India","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/05\/Reserve-Bank-of-India.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/05\/Reserve-Bank-of-India.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/05\/Reserve-Bank-of-India.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/05\/Reserve-Bank-of-India.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":273220,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/09\/07\/rbi-issues-new-guidelines-for-regular-entities-on-digital-lending\/","url_meta":{"origin":257507,"position":1},"title":"RBI issues new guidelines for Regular Entities on Digital Lending","author":"Bhumika Indulia","date":"September 7, 2022","format":false,"excerpt":"On 02-09-2022, Reserve Bank of India issued guidelines on Digital Lending which would be applicable to the \u2018existing customers availing fresh loans\u2019 and to \u2018new customers getting onboarded\u2019. REs will be given time till 30-11-2022 to process these guidelines. Applicability: These guidelines will be applicable to all Commercial Banks, Primary\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":356041,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/08\/08\/rbi-co-lending-directions-2025-joint-lending-framework-banks-nbfcs\/","url_meta":{"origin":257507,"position":2},"title":"Overview of RBI (Co-Lending Arrangements) Directions, 2025","author":"Shubhi","date":"August 8, 2025","format":false,"excerpt":"RBI Co-Lending Arrangements Directions 2025 establish a unified framework for joint lending by banks and NBFCs to improve transparency risk sharing and borrower protection.","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"RBI's Co-Lending Directions 2025","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/RBIs-Co-Lending-Directions-2025.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/RBIs-Co-Lending-Directions-2025.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/RBIs-Co-Lending-Directions-2025.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/RBIs-Co-Lending-Directions-2025.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":310429,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/12\/31\/rbi-notifies-rbi-government-securities-lending-directions-2023\/","url_meta":{"origin":257507,"position":3},"title":"RBI notifies RBI (Government Securities Lending) Directions, 2023 enabling lending and borrowing of Government Securities","author":"Kriti","date":"December 31, 2023","format":false,"excerpt":"On 27-12-2023, the Reserve Bank of India (\u2018RBI\u2019) notified the RBI (Government Securities Lending) Directions, 2023 applicable to all Government securities lending transactions, undertaken in Over-the-Counter markets. The provisions came into force on 27-12-2023. Key Points: Eligible Securities- Government securities issued by the Central Government: For the purpose of lending\/\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"rbi","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/reserve-bank-of-india.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/reserve-bank-of-india.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/reserve-bank-of-india.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/reserve-bank-of-india.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":270981,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/08\/01\/rbi-increases-individual-borrowing-limit-of-usd-750-million-to-usd-1500-million-vide-fem-borrowing-and-lending-amendment-regulations-2022\/","url_meta":{"origin":257507,"position":4},"title":"RBI increases Individual borrowing limit of USD 750 million to USD 1500 million vide FEM (Borrowing and Lending) (Amendment) Regulations, 2022","author":"Bhumika Indulia","date":"August 1, 2022","format":false,"excerpt":"On 28-07-2022, the Reserve Bank of India (RBI) has issued Foreign Exchange Management (Borrowing and Lending) (Third Amendment) Regulations, 2022 to further amend the Foreign Exchange Management (Borrowing and Lending) Regulations, 2018. 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