RBI to create repository of lending apps

The Reserve Bank of India has decided to create a public repository of digital lending apps (DLAs) deployed by the regulated entities (REs) in order to aid the customers in verifying the claim of DLAs’ association with regulated entities like banks and avoid illegal apps.

The repository will be based on data submitted by the REs (without any intervention by the RBI) directly to the repository and will get updated as and when the REs report the details — addition of new DLAs or deletion of any existing DLA. This data will be available on the RBI’s website, it said.