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The Reserve Bank of India (RBI) on Wednesday warned consumers against the questionable digital money lending entities that promise loans in seconds at exorbitant rates of interest, and then use muscle powers to recover dues. “Members of public are hereby cautioned not to fall prey to such unscrupulous activities and verify the antecedents of the company/ firm offering loans online or through mobile apps," the central bank said in a statement. “Moreover, consumers should never share copies of KYC documents with unidentified persons, unverified/unauthorised Apps and should report such Ap...

RBI warns public against unauthorised digital lending platforms, mobile apps India Published: Wednesday, December 23, 2020, 19:09 [IST] Mumbai, Dec 23: The Reserve Bank on Wednesday cautioned the public not to fall prey to the growing number of unauthorised digital lending platforms and mobile apps. In a release, the RBI noted that there have been reports about individuals/small businesses falling prey to such unauthorised platforms and apps which promise quick and hassle-free loans. Representational Image Reports also refer to excessive rates of interest and additional hidden charges being d...

1-MIN READ RBI Cautions Public Against Unauthorised Digital Lending Platforms, Mobile Apps A security guard's reflection is seen next to the logo of the Reserve Bank Of India (RBI) at the RBI headquarters in Mumbai. (Image: Reuters) Reports also refer to excessive rates of interest and additional hidden charges being demanded from borrowers; adoption of unacceptable and highhanded recovery methods; and misuse of agreements to access data on the mobile phones of the borrowers. FOLLOW US ON: The Reserve Bank on Wednesday cautioned the public not to fall prey to the growing number of unauthorise...

The Reserve Bank of India (RBI) has warned borrowers and customers from availing loans from digital lending websites and mobile apps, which are unregulated entities. The warning comes in the wake of several borrowers committing suicides in recent weeks and months due to harassment they faced from purported employees and collect agents of these digital lending platforms. In its release, the central bank says that members of public should verify the antecedents of the company/ firm offering loans online or through mobile apps. “There have been reports about individuals/small businesses falli...

RBI Cautions Against Unauthorized Lending Platforms And Apps Promising Quick Loans Dec 23, 2020, 16:35 IST MUMBAI: The Reserve Bank of India ( RBI) has release a note of caution about unauthorized digital lending platforms and apps promising quick loans in the wake of the rise in cases where people  and  small businesses are falling prey to growing number of unauthorised digital lending platforms/Mobile Apps 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; ...