NEW DELHI: The central government has proposed a new Bill to curb unregulated lending and provide for imprisonment of up to 10 years for violators, besides monetary penalties.
With a view to curb unregulated lending activities and protect the interest of consumers, the RBI's Working Group on Digital Lending submitted its report in November 2021.
The working group had suggested a set of measures, including introducing legislation for banning unregulated lending.
The proposed Bill envisages banning all persons or entities not authorised by the Reserve Bank or other regulators and not registered under any other law from undertaking a public lending business activity.
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