RBI plans public repository for digital lending apps to address unauthorised practices

The Reserve Bank of India (RBI) will create a public repository for digital lending apps to address unauthorised practices, Governor Shaktikanta Das said while delivering the monetary policy review address on August 8.

“To address problems from unauthorised digital lending apps, regulated entities report to the RBI on their digital lending apps,” Das said in his MPC address on August 8.

The MPC has decided to keep the repo rate unchanged at 6.5 percent by a majority of 4:2. The six-member rate-setting panel also decided to remain focussed on the 'withdrawal of accommodation' stance by the same majority. Consequently, it kept all other rates like SDF, MSF, Bank Rate unchanged.

RBI Governor Shaktikanta Das said that the domestic economic activities continues to remain resilient. The RBI governor projected the real GDP growth at 7.2 percent for 2024-25.