Digital lending and small borrowers! #PrivacyOfThePeople

system · November 8, 2021, 7:19am

In the latest post in our #PrivacyOfThePeople series, we look at the impact of the Personal Data Protection Bill, 2019 on digital lending application users. We examine both illegal and ‘legal’ lending apps and look at how the data protection bill will impact digital lending.

This is a companion discussion topic for the original entry at https://internetfreedom.in/privacyofthepeople-small-borrowers-and-digital-lending-apps/

srikanthlogic · November 18, 2021, 2:01am

This is timely, especially when there is an admission by a lender related to 84000 loans issued without consent, while responding to a whistleblower account on malpractices by the bank’s microfinance subsidiary.

from

https://www.indusind.com/in/en/about-us/mediabrand/FY/2021-2022/November/clarification-on-news-article.html

srikanthlogic · January 3, 2022, 5:14am

RBI released Report of the Working Group on Digital Lending including Lending through Online Platforms and Mobile Apps in November and sought feedback.
CashlessConsumer gave its feedback. The over-arching preference to self regulation, non-committal on price capping, definition of short term consumer credit, definition of harrassment by SRO are all areas of concern.

RBI is expected to come with draft policy soon on digital lending soon and we need to stay engaged in the conversation to protect privacy and rights of people, specifically small borrowers.

srikanthlogic · February 3, 2022, 6:23am

CashlessConsumer’s Digital Lending Watch Tower will be releasing a citizen’s report on the Bharat Financial ‘Technical glitch’ / Consent scam on Feb 12, 430 PM.

Do join us to know what investigations reveal us and need to fix consent mechanisms in digital lending and need for regulatory oversight / enforcement. DigitalLending WatchTower - Citizen report on BFIL Consent Scam