Beware of Digital lending apps

RBI warns illegal digital lending apps

Individuals and small businesses are falling prey to a growing number of unauthorised digital lending platforms/mobile.
Reserve Bank of India has advised public to be wary of unauthorised digital lending platforms and mobile apps.
RBI urged them to verify antecedents of the company loans online or through mobile apps.
The advisory comes in the backdrop of at least three borrowers in Telangana committing suicide in the recent past, following alleged harassment by personnel of such lenders, and many more complaining of being subjected to coercive methods after defaulting on repayments.
RBI said “legitimate public lending activities can be undertaken by banks, nonbanking financial companies (NBFCs) registered with RBI and other entities who are regulated by the State governments under statutory provisions, such as the money lending acts of the States concerned.”
The central bank also advised consumers never to share copies of KYC documents with unidentified persons or unverified/unauthorised apps. They can report such apps/bank account information associated with the apps to law enforcement agencies concerned or use the sachet portal (https://sachet.rbi.org.in) to lodge complaints.
The RBI said it had mandated digital lending platforms used on behalf of banks and NBFCs to disclose the name of the bank(s) or NBFC (s) upfront to the customers.

Source: TH

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