Why RBI’s DLA Directory could become India’s most important trust signal in Fintech
By Mahesh Shukla, Founder and CEO of PayMe
India’s digital lending story has never really been about speed. It’s been about trust—or more precisely, the long-standing absence of it.
For the better part of a decade, the country’s fintech sector has operated in a peculiar paradox. On one side, an explosion of digital credit access—the personal loan market alone touched $157 billion in 2025, with fintech-originated personal loan volumes crossing ₹97,381 crore in just the first half of FY26. On the other hand, a growing underbelly of predatory apps, offshore shell companies, and bad actors who have weaponised that very hunger for credit access, targeting students, homemakers, and low-income borrowers with blackmail, public shaming, and data extortion. These aren’t isolated incidents—they are symptoms of a market that scaled faster than its accountability infrastructure.
That, arguably, is the real problem the Reserve Bank of India is now trying to solve.
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