RBI forms panel to look into digital lending practices

FILE PHOTO: A worker walks past the logo of Reserve Bank of India (RBI) inside its office in New Delhi, India July 8, 2019. REUTERS/Anushree Fadnavis/File Photo

MUMBAI (Reuters) - The Reserve Bank of India said on Wednesday it had formed a working group to look into digital lending practices, following reports of policy violations and borrower harassment by several digital lending apps in India.

The recent spurt of popularity of online and mobile lending platforms "has raised certain serious concerns which have wider systemic implications," the RBI said in its release.