Centre Seeks Feedback on Ban for Illegal Online Lending

CosmicTaco · 2024-12-20T09:06:57.057859+05:30

- The finance ministry is inviting public feedback on a draft bill aiming to ban unregulated lending activities in India. - The bill proposes severe penalties, including imprisonment and fines, for unauthorized lenders and empowers authorities to provisionally attach their assets. - The draft bill, developed by the RBI-led Working Group on Digital Lending, also mandates the creation of an online lender database accessible to the public. Source: [Inc42](https://inc42.com/buzz/centre-seeks-public-feedback-on-bill-to-ban-illegal-online-lending/)

The finance ministry is inviting public feedback on a draft bill aiming to ban unregulated lending activities in India.
The bill proposes severe penalties, including imprisonment and fines, for unauthorized lenders and empowers authorities to provisionally attach their assets.
The draft bill, developed by the RBI-led Working Group on Digital Lending, also mandates the creation of an online lender database accessible to the public.

Source: Inc42