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RBI Introducing DIGITA To Halt Illegal Loan Apps

The Reserve Bank of India (RBI) is addressing the surge in illegal loan-giving apps and cyber fraud by proposing DIGITA, a Digital India Trust Agency. DIGITA aims to verify and maintain a public register of authorized digital lending apps, deterring unauthorized ones.

It will investigate and enhance transparency and accountability in online financial transactions, bolstering security. Once established, DIGITA could effectively combat recent fraudulent activities, safeguarding consumers’ finances.

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