RBI Governor Shaktikanta Das said on Thursday that the central bank will soon come out with rules for the digital loan platform. Please note that there are many unauthorized apps on these platforms. Cases of alleged suicide among borrowers are on the rise due to harassment by some operators of the digital loan app. Addressing the Iconic Week organized by the Finance Ministry as part of the Amrit Mahotsav of Azadi, Das said, "They think very soon they will come out with a comprehensive regulatory framework." This rule will be able to meet the challenges faced by lending through digital platforms.
Speaking on the topic of Indian business - past, present, and future, Das said that there are many unauthorized and unregistered running of these platforms and they are completely illegal. Earlier on Wednesday, Das had said that customers taking loans from the app, which gives a digital platform without registration, should contact the local police if they face any kind of problem. He had made it clear that the central bank would only act against entities registered with it. The governor said the RBI website has a list of apps that are registered with it. He said that in many states the police have taken action against the wrongdoers as per the rules.
Businessmen should avoid short-term profit culture: RBI
RBI Governor Shaktikanta Das on Thursday said traders should avoid the culture of short-term profit. He said that business involves taking a risk, but before taking it one must consider its pros and cons. Addressing the Iconic Week organized by the Finance Ministry as part of the Amrit Mahotsav of Azadi, Das said, "Some unfair business models have come to our notice, which includes wrongful funding and wrong allocation of assets. Such a nature is not only extremely risky and it is not sustainable at all.' The event was organized by the Central Board of Indirect Taxes and Customs (CBIC).
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