 "digital payments, online, mobile, smartphone, ncpi, upi, fintech")
The newly-formed working committee of the Reserve Bank of India (RBI) is in favour of setting up an agency which will act as an umbrella institution for financial technology (fintech) firms in view of growing complaints against the collection and recovery practices deployed by some digital lending applications (apps).
Currently, while digital lenders with non-banking financial company (NBFC) licences are monitored by the central bank, others, which function as loan-sourcing apps, are not regulated and are only registered with the corporate affairs ministry.
On January 13, the RBI constituted the working group on digital lending, including lending through online platforms and mobile
