The Reserve Bank of India will soon come out with regulatory architecture for digital lending platforms, many of which are unauthorised and illegal, Governor Shaktikanta Das said on Thursday.
There have been increasing cases of alleged suicides of borrowers due to harassment by a few of the operators of digital lending apps.
Das on Wednesday suggested that customers borrowing from unregistered digital lending apps should approach the local police in case of any issue.
Most of the digital lending apps are not registered with the central bank and operate by themselves, he told reporters after announcing the monetary policy.
The long-term success of any business is directly linked to its quality of governance, internal control systems and the robustness of its risk and the organisational culture, he noted.
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