New Delhi, June 10 (KNN) The Reserve Bank of India(RBI) is expected to soon come out with the new guidelines for the digital lending platforms.

While delivering a lecture on Indian Business (Part, Present and Future) on Thursday, Governor Shaktikanta Das said “I think very soon we will be coming out with a broad regulatory architecture, which should be able to address the challenges that we are confronted with regard to lending through digital platforms, many of which are unauthorised, unregistered and illegal.”

He was speaking on an event organised by the Central Board of Indirect Taxes and Customs (CBIC).

Das while discussing on the recent surge in the cases of alleged suicides of borrowers due to harassment by few operators of digital lending apps, said that “whenever it gets a complaint from any customer, the central bank directs customers of such unregistered apps to approach the local police.”

“The RBI does recognise the role of existing as well as emerging businesses for economic progress. The long-term success of any business is directly linked to its quality of governance, internal control systems and the robustness of its risk”, he added.

The central bank has been pushing for improvements in the governance and compliance culture of its regulated entities like banks, NBFCs and other financial entities through a series of measures.  (KNN Bureau)