'It Is For The RBI To Decide' : Supreme Court Refuses To Entertain Plea Seeking Regulation Of Digital Money Lending Platforms
The Supreme Court refused to entertain a writ petition seeking direction to the Reserve Bank of India to take steps to regulate or disable digital money lending platforms.It is for the RBI to decide as to whether and, if so, what action is necessary, the bench of Justices DY Chandrachud and Hima Kohli observed while permitting the petitioner to pursue a representation before the...
The Supreme Court refused to entertain a writ petition seeking direction to the Reserve Bank of India to take steps to regulate or disable digital money lending platforms.
It is for the RBI to decide as to whether and, if so, what action is necessary, the bench of Justices DY Chandrachud and Hima Kohli observed while permitting the petitioner to pursue a representation before the RBI.
Shankar Nagesh Mutkiri, in his petition, had also sought directions to frame guidelines to ensure oversight over digital money lenders and for banks/NBFCs which are participating with the digital lending platforms and for protecting the personal data of users.
The court said that these issues pertain to the policy domain.
"Hence, we permit the petitioner to pursue a representation before the RBI. It is for the RBI to decide as to whether and, if so, what action is necessary", the court observed while disposing the petition.
Case: Shankar Nagesh Mutkiri vs Reserve Bank of India | WP(C) 97/2022