i.On August 10, 2022, the Reserve Bank of India (RBI) issued a regulatory framework to make digital lending safe for members of the public; curb malpractices; and to mitigate the concerns arising from credit delivery through digital lending methods.
ii.The framework is focused on the digital lending ecosystem comprising RBI Regulated Entities (REs) and the Lending Service Providers (LSPs) engaged by them to extend various permissible credit facilitation services.
iii.RBI has cancelled the licence of Rupee Co-operative Bank Ltd, Pune in Maharashtra thereby prohibiting the bank from conducting the business of banking which includes acceptance of deposits and repayment of deposits as defined in Section 5(b) read with Section 56 of the Banking Regulation (BR) Act, 1949 w.e.f. September 22, 2022.
About Deposit Insurance and Credit Guarantee Corporation (DICGC):
DICGC is a wholly-owned subsidiary of the Reserve Bank of India (RBI) which provides an insurance cover of up to Rs 5 lakh on bank deposits
Chairman – Michael Debabrata Patra(M.D.Patra)
Establishment – 15th July 1978
Headquarters – Mumbai, Maharashtra