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RBI Cautions People Against Unauthorised Digital Lending Platforms, Mobile Apps
SRINAGAR: Reserve Bank of India has cautioned the people against unauthorised Digital Lending Platforms/Mobile Apps following the reports about individuals/small businesses falling prey to them on promises of getting loans in a quick and hassle-free manner.
These reports also refer to excessive rates of interest and additional hidden charges being demanded from borrowers; adoption of unacceptable and high-handed recovery methods; and misuse of agreements to access data on the mobile phones of the borrowers.
The RBI has informed that legitimate public lending activities can be undertaken by Banks, Non-Banking 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 concerned states.
RBI cautions people against unauthorised Digital Lending Platforms/Mobile Apps
RBI cautions people against unauthorised Digital Lending Platforms/Mobile Apps
JAMMU: Reserve Bank of India has cautioned the people against unauthorised Digital Lending Platforms/Mobile Apps following the reports about individuals/small businesses falling prey to them on promises of getting loans in quick and hassle-free manner.
These reports also refer to excessive rates of interest and additional hidden charges being demanded from borrowers; adoption of unacceptable and high-handed recovery methods; and misuse of agreements to access data on the mobile phones of the borrowers.
The RBI has informed that legitimate public lending activities can be undertaken by Banks, Non-Banking 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 concerned states.
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