New Delhi, March 17 -- The Government and the Reserve Bank of India (RBI) have intensified measures to tackle the proliferation of fraudulent loan applications. In a written response in the Rajya Sabha today, the Minister of State in the Ministry of Finance, Pankaj Chaudhary, detailed a coordinated strategy involving regulatory guidelines and enforcement actions to protect citizens from exploitation by unauthorised mobile platforms.

Chaudhary stated that the RBI has issued specific regulatory guidelines on digital lending, which aim at firming up the regulatory framework for digital lending, including loans through mobile apps, while enhancing customer protection and making the digital lending ecosystem safe and sound.

Under these new g...