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RBI forms working group to regulate digital lending through loan apps

The Reserve Bank of India has set up a working group to regulate digital lending through mobile applications amid growing concerns surrounding the unsupervised growth of loan platforms across the country. “Recent spurt and popularity of online lending platforms/ mobile lending apps (‘digital lending’) has raised certain serious concerns which have wider systemic implications,” the central bank said in a statement. “Against this backdrop, a Working Group (WG) is being set up to study all aspects of digital lending activities in the regulated financial sector as well as by unregulated players so that an appropriate regulatory approach can be put in place,” it added. The move comes amid a growing outcry in the public surrounding reports of unethical collection practices, high interest rates and, the fraud and data risks surrounding the use of loan apps across India.

Asia Law Offices advised a major transnational strategic collaboration between its client, UAE-Based Pharmax Pharmaceuticals, and Swiss pharma major Acino Pharmaceuticals.

ALO represented Pharmax in the structuring and closure of entire transaction documents of the significant collaboration.

The collaboration framework extends to licensing, manufacturing, and supply of Acino formulations within the gastroenterology and the cardiovascular space throughout the Middle East and Africa.