Digital India Trust Agency (DIGITA): The Reserve Bank of India (RBI) is establishing the Digital India Trust Agency (DIGITA). The Digital India Trust Agency (DIGITA) aims to address the proliferation of illegal lending apps and the rise of cyber fraud associated with such apps in India. Its primary objective is to verify digital lending apps and establish a public register of verified apps to protect consumers.

Digital India Trust Agency (DIGITA)

DIGITA will collaborate with Google to address the proliferation of unauthorized digital lending apps on the Play Store in India. On the requests from the RBI and the Department of Financial Services under the Finance Ministry, Google has issued stringent policies for app publication on the Play Store. As per the new notification, only those apps that are published by RBI-regulated entities (REs) or in partnership with REswill be permitted on the platform

Functions of DIGITA

  1. Verification of digital lending apps: DIGITA is tasked with the responsibility of thoroughly vetting digital lending apps to ensure their compliance with regulations and guidelines set forth by the Reserve Bank of India (RBI). This verification process helps to uphold standards of legality, security, and consumer protection within the digital lending sector.
  2. Maintaining a public register of verified apps: As part of its mandate, DIGITA maintains a publicly accessible register containing information about verified digital lending apps. This register serves as a valuable resource for consumers, enabling them to easily identify and access legitimate apps that have been verified by the agency.
  3. Combating financial crimes: DIGITA plays a crucial role in combating financial crimes perpetrated through digital lending platforms. By distinguishing between verified and unverified apps, DIGITA helps law enforcement agencies identify and take action against unauthorized or fraudulent operators, thereby safeguarding consumers and maintaining the integrity of the financial system.

What is Digital India Trust Agency (DIGITA)?

Digital India Trust Agency (DIGITA) is the Reserve Bank of India (RBI) project to the proliferation of illegal lending apps and the rise of cyber fraud associated with such apps in India & to verify digital lending apps and establish a public register of verified apps to protect consumers.

Ashutosh Raj

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