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| March 31, 2024, 9:21 a.m.
Reserve Bank Mulls Establishment of DIGITA to Combat Cyber Fraud
The Reserve Bank of India (RBI) is considering the creation of a Digital India Trust Agency (DIGITA) to counter the proliferation of illegal lending apps and combat cyber fraud. DIGITA would be responsible for verifying digital lending apps and maintaining a public register of verified apps. Apps without DIGITA's verification would be deemed unauthorized for law enforcement purposes, bolstering efforts to curb financial crimes in the digital domain. The move comes amid a surge in fraudulent activities in the digital lending sector, with Google also taking action to remove unauthorized digital lending apps from its app store.
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