Digital India Trust Agency (DIGITA) : RBI
The Reserve Bank of India (RBI) is considering establishing a Digital India Trust Agency (DIGITA) to combat the proliferation of illegal lending apps and curb growing cyber fraud.
- This proposed agency aims to verify digital lending apps, maintain a public register of verified apps, and promote transparency and accountability within the digital lending sector.
- In recent years, India has witnessed a surge in fraudulent activities and unethical practices in the digital lending sector.
- The RBI has taken various measures to address this issue, including collaborating with the IT Ministry and Google to whitelist legitimate digital lending apps and remove unauthorised ones from the Google Play Store.
- Once established, DIGITA would be responsible for the following:
- Verification of digital lending apps: DIGITA would vet digital lending apps to ensure compliance with RBI regulations and guidelines.
- The agency would maintain a public register of verified digital lending apps, making it easier for consumers to identify legitimate apps.
- Apps lacking the verified mark from DIGITA would be considered unauthorised for law enforcement purposes, serving as a crucial checkpoint in combating financial crimes in the digital domain.
