Despite the rapid growth of fintech

Despite the rapid growth of fintech and alternative credit scoring models in India, there remains no dedicated regulatory framework governing this practice. Currently, the sector relies on broader laws such as the Credit Information Companies Act and the proposed Digital Personal Data Protection Bill, 2022 for guidance. While these laws provide some oversight regarding data usage and consumer protection, they do not specifically address the nuances and challenges unique to alternative credit scoring For example, the Reserve Bank of India’s Working Group on Digital Lending Report (2021) raised concerns over fintech providers processing large volumes of consumer data without proper consent. The Digital Personal Data Protection Bill proposed safeguards around the collection, storage ufabet