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To check unauthorised players, RBI to set up public repository of DLAs

Mumbai: The Reserve Bank on Thursday proposed to create a public repository of digital lending apps (DLAs) in a bid to address the problems arising from mushrooming unauthorised players in the segment.

In another significant move, the central bank proposed to introduce a facility of “Delegated Payments” in UPI to enable an individual to allow another individual to make UPI transactions.

In a bid to address the problems arising from unauthorised digital lending apps, the RBI Governor Shaktikanta Das said the RBI proposes to create a public repository of DLAs deployed by its regulated entities.

“The regulated entities (REs) will report and update information about their DLAs in this repository. This measure will help the consumers to identify the unauthorised lending apps,” he said.

The RBI also announced an increase in the transaction limit for tax payments through UPI to Rs 5 lakh.

The Governor also announced measures to speed up cheque payment which will benefit both the payer and the payee. At present, cheque clearing through Cheque Truncation System (CTS), operates in a batch-processing mode and has a clearing cycle of up to two working days.

“It is proposed to reduce the clearing cycle by introducing continuous clearing with ‘on-realisation-settlement’ in CTS,” Das said.

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