RBI to set up DIGITA to curb cyber fraud

As part of its efforts to curb growing cyber fraud, the Reserve Bank is considering establishing a Digital India Trust Agency (DIGITA) to stop the mushrooming of illegal lending apps.

The proposed agency will enable verification of digital lending apps and maintain a public register of verified apps, sources said.

Apps not carrying the ‘verified’ signature of DIGITA should be considered unauthorised for the purpose of law enforcement, sources said, adding that this will serve as a pivotal checkpoint in the fight against financial crimes in the digital realm.

DIGITA, once in place, would be entrusted with the responsibility of vetting digital lending apps, they noted.