From UPSC perspective, the following things are important :
Prelims level: Digital India Trust Agency (DIGITA)
Mains level: NA
Why in the news?
To address the rising threat of cyber fraud, the Reserve Bank of India (RBI) is planning to establish a Digital India Trust Agency (DIGITA).
About Digital India Trust Agency (DIGITA)
DIGITA aims to tackle the proliferation of illegal lending apps by verifying and maintaining a register of authenticated digital lending platforms.
Role of DIGITA:
- Public Register: It will maintain a public register of verified apps, providing transparency and aiding law enforcement agencies in identifying unauthorised platforms.
- Verification Hub: It will serve as a central agency for vetting digital lending apps, ensuring their authenticity and compliance with regulations.
Regulatory Implications
- Apps lacking the ‘verified’ signature from DIGITA will be deemed unauthorized, enhancing law enforcement efforts against financial crimes in the digital domain.
- Verification processes will promote transparency and accountability within the digital lending sector, curbing fraudulent activities.
Progress made so far
- The RBI has shared a list of 442 digital lending apps with the IT Ministry for whitelisting with Google.
- Google has removed over 2,200 digital lending apps from its PlayStore, aligning with RBI and DFS directives to only allow apps from regulated entities or their partners.
PYQ:2016: Regarding ‘DigiLocker’, sometimes seen in the news, which of the following statements is/are correct? 1. It is a digital locker system offered by the Government under Digital India Programme. 2. It allows you to access your e-documents irrespective of your physical location. Select the correct answer using the code given below. (a) 1 only (b) 2 only (c) Both 1 and 2 (d) Neither 1 nor 2
Practice MCQ: Consider the following statements about RBI led Digital India Trust Agency (DIGITA): 1. It aims to tackle the proliferation of illegal lending apps. 2. Apps lacking the ‘verified’ signature from DIGITA will be deemed unauthorized. Which of the given statements is/are correct? (a) Only 1 (b) Only 2 (c) Both 1 and 2 (d) Neither 1 nor 2 |
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