The apex monetary institution, the Reserve Bank of India will soon present a set of guidelines on digital lending, Deputy Governor M Rajeshwar Rao declared on Thursday.
The working group on digital lending along with lending via online platforms and mobile apps had proffered their recommendations in November last year.
“RBI has received public comments, and we will frame the guidelines (on digital lending) based on those comments. The work is in progress, and soon it (guidelines) will be launched,” Rao informed the reporters during a call post-the announcement of monetary policy.
Articulating the new umbrella entity for the retail payments system, RBI Governor Shaktikanta Das conveyed that there has been a delay in finalizing the name of the applicants since people who were working on the issue, are preoccupied with other works. He, however, said the process is under evaluation, and soon details will be out.’
The RBI had initially kept the deadline for applying to the umbrella entity until February 26, 2021, but later extended it until March 31, 2021.
Moreover, in the monetary policy disclosed today, the RBI held the repo rate intact at 4 per cent and harboured an accommodating policy outlook to revitalise and sustain growth on a durable basis and continue to mitigate the impact of the pandemic on the economy.
On August 18, 2020, the RBI had released the framework for authorization of a pan-India umbrella entity for retail expenditures and invited applications from desirous commodities.