Only regulated entities such as banks and shadow banks will be allowed to disburse and collect re-payments on loans, , reserve bank of india, Digital Lending Platform
The framework is based on the principle that lending business can be carried out only by entities that are either regulated by the central bank or entities permitted to do so under any other law
This includes 490 complaints against registered NBFCs
The Government on Monday informed the Lok Sabha that Reserve Bank of India has received complaints against 1,500 digital lending applications (popularly known as loan apps). It also informed the Lower House that there will be no change in service conditions of employees of BPCL post-disinvestment.
Loan app
In a written answer to a question in the Lok Sabha, Minister of State in Finance Ministry Anurag Singh Thakur said no data is captured by the Corporate Affairs Ministry regarding the number of registered companies providing online apps-based loan in the country at present. Meanwhile, the “RBI has intimated that it has received complaint against 1,509 digital lending applications,” he said. This includes 490 complaints against registered NBFCs which are operating digital loan apps, while 1,019 complaints are against unregistered/unregulated digital loan applications.