Reserve Bank of India against unauthorized digital lending platforms

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Reserve Bank of India against unauthorized digital lending platforms

On Wednesday, the Reserve Bank of India registered as safe individuals and micro-businesses against falling prey to the growing number of unauthorized digital lending platforms and mobile apps with a word of getting loans in a quick and clean manner. 

These platforms are caught up with additional hidden charges of the rate of interest and adopt unacceptable and high-handed recovery methods. Moreover, they have also misusing agreements to access data on mobile phones of borrowers.

When the central bank declares a statement on the members of the public were marked safe not only to fall prey to such unusual activities and rectify the antecedents of the company/firm offering loans online or through mobile apps. 

Moreover, consumers should also not share confidential data of KYC documents with unidentified persons, unverified apps, and it should also report such incidents to concerned law enforcement agencies. 

The public lending activities were only performed by banks. Non-banking financial companies are also registered with the RBI and other potential entities that have are in operation by the state government under statutory provisions. 

The RBI circulated the notice after the reports that around 19 members were arrested from Hyderabad and Gurgaon in connection with a money lending app scam. The tap-and-get-a-loan “solution” has been upsurged by a large number of people into a trap far deeper than the financial condition they are facing in. 

Today, customers are looking forward to getting instant loans with the aggregator app that helps them direct to apps that process the loan request after collecting Aadhar, PAN details, and a selfie of the applicant. 

Moreover, it also asks for access to the customer’s photo gallery and phone contact list. Whereas the loan is sanctioned immediately, the applicant gets seven days to repay the principal amount. In case of any problem and crisis, the customers has to inform the nearest branch with the written application.

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