The digital lending sector in India has witnessed significant growth, accompanied by emerging challenges such as unauthorised apps, cybercrime, social engineering scams, and fraud. To discuss these issues, LexisNexis Risk Solutions (LNRS), the Digital Lenders Association of India (DLAI), and The Dialogue have initiated the ‘Customer Protection in Digital Lending: Way Forward’ research project, aiming to explore problems and solutions through stakeholder consultations.
The inaugural stakeholder consultation took place in Delhi on 21 February 2024, offering a platform for pertinent stakeholders to contribute insights on the identified themes. Subsequently, the second discussion occurred in Bengaluru on 16 April 2024, where representatives from digital lending enterprises, cybersecurity experts, civil society, the government, and technological solution providers came together. The event began with a welcome address discussing the challenges and potential of the digital lending sector in India. DLAI and other industry players emphasised the industry’s efforts to address these concerns and promote responsible lending practices, highlighting the need for collaboration and regulatory support to safeguard consumers and foster a stable market environment.
