The Supreme Court on Monday allowed a representation seeking control and check over unauthorised online money lending platforms to be made before the Reserve Bank of India (RBI).
A Bench of Justices D.Y. Chandrachud and Hima Kohli said petitioner Shankar Nagesh Mutkiri should approach the Central banker with his plea for oversight of digital money lending and the role of banks in these activities.
Additionally, the court recorded Mr. Mutkiri’s prayer that RBI should also intervene to protect the personal data of users.
The Bench said his petition before the Supreme Court could be converted to a representation before the Central banker.
“This is a policy issue. The RBI can look into it,” Justice Chandrachud observed.
The court indicated the RBI has expert committees which examine the issue raised in a detailed manner.