The central bank has promised regulations for digital lending soon, but these are unlikely to help in tackling outright fraudulent entities.
Ashwin here. Last week, just a few days before Reserve Bank of India governor Shaktikanta Das indicated that the central bank would issue guidelines to regulate digital lending soon, I got an intriguing message from an anonymous Twitter account. “Loan app RupeeWay… Do you have any details on them? Because I have been harassed and threatened every day,” it read. I replied immediately asking for details, but got no response.
As a reporter, receiving such distress messages is not uncommon. For the last two years, I have been consistently reporting on the perils of unsupervised digital lending in India. I …
Ashwin writes on fintech and banking at The Morning Context. He joins us from The Economic Times, he worked across the finance, tech and startup verticals, breaking stories related to India’s banking system, startups in the new economy, digital payments, insurance and cryptocurrencies.
Writer
ashwin@mailtmc.com
Delhi