This verification process also extends to scrutinizing the privacy and confidentiality measures implemented by these apps to safeguard users' sensitive information. - Maintaining a public register of verified apps: DIGITA will establish and maintain a transparent public register of verified digital lending apps, empowering consumers with a reliable resource to distinguish legitimate platforms from fraudulent ones. Privacy and other risks for DIGITA:Overreach and Privacy Intrusions: While enforcing regulations, DIGITA should be cautious not to overreach or intrude on users' privacy. Data Misuse Risks: As DIGITA will handle sensitive information about digital lending apps and potentially users, there is a risk of data misuse or leaks within the agency. Footnotes1 Available at: https://www.rbi.org.in/Scripts/PublicationReportDetails.aspx?UrlPage=&ID=11892 Available at: https://www.business-standard.com/finance/news/rbi-to-set-up-digital-india-trust-agency-to-check-illegal-lending-apps-124033100152_1.html3 Available at: https://economictimes.indiatimes.com/news/economy/policy/rbi-mulls-to-set-up-digital-india-trust-agency-to-check-illegal-lending-apps/articleshow/108914335.cms?from=mdr4 Available at: https://bfsi.economictimes.indiatimes.com/news/fintech/digita-verified-status-to-serve-as-quality-benchmark-build-credibility-without-direct-licensing-fintech-experts/108989295 Available at: https://www.hindustantimes.com/business/rbi-mulls-a-special-agency-to-combat-illegal-lending-apps-how-will-digita-work-101711878161544.html6 Available at: https://timesofindia.indiatimes.com/gadgets-news/mos-finance-shares-number-of-fraudulent-loan-apps-removed-from-google-play-store/articleshow/107801517.cms#:~:text=Over%202%2C200%20fraudulent%20loan%20apps,by%20Regulated%20Entities%20(REs).

Source: Economic Times June 20, 2024 11:24 UTC