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RBI mulls a special agency to combat illegal lending apps. How will DIGITA work?

The Reserve Bank is contemplating the establishment of a Digital India Trust Agency (DIGITA) to address the proliferation of illegal lending apps, PTI reported.

RBI mulls DIGITA to combat illegal lending apps.(PTI Photo)

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What is RBI’s DIGITA?

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.

Once established, DIGITA would be tasked with vetting digital lending apps to ensure compliance.

The proposed agency would aim to verify digital lending apps and maintain a public register of verified apps.

A thorough verification process is expected to promote transparency and accountability in the digital lending sector, which has seen a rise in fraudulent activities and unethical practices.

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Google to show only approved lending apps on PlayStore

The RBI has provided the IT ministry with a list of 442 digital lending apps for Google’s whitelisting.

From September 2022 to August 2023, Google removed over 2,200 digital lending apps from its app store.

Google now enforces a policy allowing only apps published by RBI-regulated entities (REs) or in partnership with REs on the PlayStore, following requests from the RBI and the Department of Financial Services under the finance ministry.

The government has taken action to rescue its citizens who were ensnared into employment in Cambodia and coerced into participating in cyber fraud activities.

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Government rescuing citizens forced into cyber fraud schemes in Cambodia

According to ministry of external affairs spokesperson Randhir Jaiswal, the Indian embassy in Cambodia has collaborated with Cambodian authorities to repatriate approximately 250 Indians, with 75 individuals rescued in the past three months alone.

Jaiswal addressed reports claiming that over 5,000 Indians are trapped in Cambodia and forced into carrying out cyber fraud targeting people in India. He said that efforts are underway to work with Cambodian authorities and Indian agencies to dismantle the fraudulent networks responsible for these schemes.

(Inputs from PTI and Reuters)

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