The Delhi High Court on Wednesday was informed that the Reserve Bank of India has already initiated the process in respect of regulation of digital lending including lending through online platforms and mobile application.
The Delhi High Court on Friday sought the Reserve Bank of India’s stand on a plea that various banks and financial institutions had extended huge loans to certain group of companies without due scrutiny.
The Delhi High Court was hearing PIL highlighting unauthorised access, use & store of Aadhar and banking information of Indian citizens by Google Pay as a sheer violation of Article 21 of the Indian Constitution, Aadhar Act 2016, Payments and Settlement Systems Act 2007 and Banking Regulations Act 1949.
The Delhi High Court has sought response from the Central govt, the Reserve Bank of India and the Bar Council of India, in a plea seeking the inclusion of advocates within the definition of professionals as provided under the MSME Act
The court observed that the affidavits of the officers are not satisfactory. It seems that both the bank and the police are not serious. Proper efforts were not made to prevent fraud. They are told that the fraud took place from a remote area. Even the police are afraid to go to the Naxal area.
Importantly, when the government is so proud of information technology competence and many global tech giants are headed by Indians, leading-edge technology should be used to refund money that lawfully belongs to savers and investors.
A Public Interest Litigation has been filed in the Supreme Court seeking directions to the Union of India and Reserve Bank of India to permit banks to offer a moratorium on payments to borrowers for the period of June to August.
The recent resuscitation move by the Reserve Bank of India may not be enough to help small businesses stay afloat. A petition filed in the Supreme Court wants a fresh moratorium on interest on bank loans.
With the second wave of Covid-19 putting further stress on the economy, the Reserve Bank of India has launched measures to enhance fund flow for the healthcare sector and inject more liquidity into the system. Will they help?