• The Reserve Bank of India (RBI) has set up a working group to study digital lending activities of the regulated and unregulated players, due to the growing instances of frauds in digital lending space.
• The six-member panel comprises of following four RBI internal and two external members:

1. Jayant Kumar Dash, Executive Director, RBI (Chairman)
2. Ajay Kumar Choudhary, Chief General Manager-in-Charge, Department of Supervision (Member)
3. P Vasudevan, Chief General Manager, Department of Payment and Settlement Systems, RBI (Member)
4. Manoranjan Mishra, Chief General Manager, Department of Regulation (Member Secretary)
5. Vikram Mehta, Co-founder, Monexo Fintech (External Member)
6. Rahul Sasi, Cyber Security Expert & Founder of CloudSEK (External Member)

Role of the WG :

• Suggest steps to regulate digital lending including online lending platform and mobile lending.
• Evaluate digital lending activities and assess the penetration and standards of outsourced digital lending activities in RBI regulated entities.
• Identify risks posed by unregulated digital lending to financial stability, regulated entities and consumers
• Recommend measures for expansion of specific regulatory or statutory perimeter and suggest the role of various regulatory and government agencies
• Prepare a robust Fair Practices Code for digital lending players
• Recommend measures for robust data governance, data privacy and data security standards for digital lending services.