Govt, RBI must tie up to uproot illegal digital lending apps: DLAI

DLAI has also sought clear licensing pathways and operating rules for the ecosystem

Top executives of the Digital Lending Association of India (DLAI) have urged the government and the Reserve Bank of India (RBI) to come together to crack down on unregulated digital lending apps, which continue to have a presence in some form.

However, the mushrooming of such apps has come down to a large extent since the digital lending guidelines were brought in by the central bank.

“There needs to be a coordinated effort between the government and the regulator to crack down on the unregulated apps. They continue to operate, without adhering to any of the regulations. This is the need of