Question

      Which of the following Act will govern the Digital

    Lending regulatory framework in India?
    A Information Technology Act, 2000 Correct Answer Incorrect Answer
    B Banking Regulation Act, 1949 Correct Answer Incorrect Answer
    C Prevention of Money Laundering Act, 2002 Correct Answer Incorrect Answer
    D Finance Act, 2022 Correct Answer Incorrect Answer
    E None of the above Correct Answer Incorrect Answer

    Solution

    The Reserve Bank of India (RBI) released guidelines on digital banking units in April 2022 and issued guidelines on digital lending in September 2022. These regulations include regulations related to customer protection and conduct requirements, technology and data requirements and the regulatory framework. These directions given by RBI are issued under sections 21, 35A and 56 of the Banking Regulation Act, 1949, sections 45JA, 45L and 45M of the Reserve Bank of India Act, 1934.

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