{"id":22088,"date":"2024-04-02T04:25:41","date_gmt":"2024-04-01T22:55:41","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=22088"},"modified":"2025-04-06T17:21:06","modified_gmt":"2025-04-06T11:51:06","slug":"digital-india-trust-agency","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/digital-india-trust-agency\/","title":{"rendered":"Digital India Trust Agency"},"content":{"rendered":"<h2>About Digital India Trust Agency<\/h2>\n<ul>\n<li>It will be responsible for <strong>stopping illegal lending apps<\/strong> from popping up.<\/li>\n<li>It will enable the verification of these digital lending apps and will <strong>maintain a public register<\/strong> of these verified applications.<\/li>\n<li>Any app which will not carry the <strong>\u201cverified\u201d tag of DIGITA<\/strong>, will be considered <strong>unauthorised<\/strong>.<\/li>\n<li><strong>Significance:<\/strong> This will create an important and much-needed checkpoint in the fight against online financial fraud.<\/li>\n<\/ul>\n<h2>What is digital lending?<\/h2>\n<ul>\n<li>It is a <strong>remote andautomated lending process<\/strong>, largely by use of seamless digital technologies.<\/li>\n<li>It involves lending through <strong>web platforms or mobile apps,<\/strong> utilising technology in customer acquisition, credit assessment, loan approval, disbursement, recovery and associated customer service.<\/li>\n<li>It generally involves <strong>three parties<\/strong> \u2013 a lender, a lending service provider (including a digital lending platform) and a borrower.<\/li>\n<li>It includes products like Buy Now, Pay Later (BNPL), which is a financing option (or simply a short-term loan product).<\/li>\n<\/ul>\n<p>It allows one to buy a product or avail a service without having to worry about paying for it immediately.<\/p>\n<hr \/>\n<h3>Q1: What is the role of RBI?<\/h3>\n<p>It acts as a regulator and supervisor of the overall financial system. This injects public confidence into the national financial system, protects interest rates, and provides positive banking alternatives to the public.<\/p>\n<p><strong>Source: <\/strong><a href=\"https:\/\/economictimes.indiatimes.com\/news\/economy\/policy\/rbi-mulls-to-set-up-digital-india-trust-agency-to-check-illegal-lending-apps\/articleshow\/108914335.cms?from=mdr\" target=\"_blank\" rel=\"nofollow noopener\"><u>RBI mulls to set up Digital India Trust Agency to check illegal lending apps<\/u><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Reserve Bank of India is considering establishing a Digital India Trust Agency (DIGITA) to combat cyber fraud and illegal lending apps.<\/p>\n","protected":false},"author":5,"featured_media":22089,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-22088","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/22088","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=22088"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/22088\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/22089"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=22088"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=22088"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=22088"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}