The Reserve Bank of India has constituted a six-member Working Group (WG) – headed by RBI Executive Director Jayant Kumar Dash – to look into various aspects of digital lending activities in the regulated financial sector as well as by unregulated players, and thereby suggest appropriate regulatory measures. The decision was taken in the wake of serious concerns being raised over the systemic implications of online lending platforms and mobile lending applications.

Besides Dash, three other internal members include RBI Chief General Manager-in-Charge (Supervision) Ajay Kumar Choudhary, RBI Chief General Manager (Payment and Settlement Systems) P Vasudevan, RBI (Member Secretary - Regulation) Manoranjan Mishra. Two other external members include Monexo Fintech Co-founder Vikram Mehta and CloudSEK Cyber Security Expert & Founder Rahul Sasi.