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RBI received complaints against 1,509 online lending apps, Anurag Thakur tells Lok Sabha

RBI received complaints against 1,509 online lending apps, Anurag Thakur tells Lok Sabha
The central bank in December cautioned the public against unauthorised digital lending platforms/apps and appealed to them to verify the antecedents of the service provider, the Union Minister further stated
BusinessToday.In | February 9, 2021 | Updated 11:44 IST
Reserve Bank of India
The Reserve Bank of India (RBI) received complaints against 1,509 digital lending applications, Union Minister of State for Finance Anurag Thakur told the Lok Sabha in a written reply. According to Thakur, the RBI received complaints against 1,019 unregistered or unregulated digital loan applications and 490 registered non-banking financial companies (NBFCs) engaged in digital lending. ....

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Fintech firms write to Google, demand uniform regulations

Synopsis
Online lending firms say that Google is acting like a super regulator, seeking details that even the RBI is yet to do. They have written to Google with the names of Chinese apps that have 7-14 day products while its policies don t allow lenders with products of less than 60 days.
Mumbai: Miffed by Google’s diktat to furnish their credentials, fintech lenders have now written to the tech giant citing its policies of not allowing lenders disbursing short-tenure loans of less than 60 days. Fintech lenders say that Google is acting like a super regulator, seeking details that even the Reserve Bank of India (RBI) is yet to do. ....

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