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RBI Suggests Customers To Approach Local Police For Issues Related TK Unregistered Digital Lending Apps: Latest Updates!!!

HIGHLIGHTS:

  • The RBI advises clients of unregistered applications to contact their local police.
  • The central bank claims that the majority of digital lending apps are unregistered.
  • The Reserve Bank of India (RBI) has stated that it will only take action against firms that have registered with it.

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INTRODUCTION:

RBI Updates: Customers who borrow through unregistered digital lending applications should report any problems to their local police, according to Reserve Bank Governor Shaktikanta Das, who made it plain that the central bank will only take action against firms that are registered with it.

Das said most digital lending apps are not registered with the central bank and operate independently in the wake of a string of suspected suicides aided by harassment by agents or officials of lending apps.According to Das, if the central bank receives a complaint from a client, it urges users of such unregistered apps to contact the local police, who will conduct an investigation and take appropriate action.The RBI website contains a list of apps that have been registered with it, according to the governor, who also stated that police in various states had taken action against wrongdoers in accordance with the law.

RBI

It should be mentioned that in the recent past, a number of claimed suicides have been linked to harassment by debt collection agents working for or on behalf of digital lending applications.When a borrower signs a loan agreement, they agree to divulge personal information such as their phone’s contact book, which can lead to the borrower being defamed in front of someone they know, prompting drastic measures.”It is my sincere plea to all individuals who use such apps to first check whether or not the app is registered with the RBI. If the app is registered with the RBI, you may be assured that the central bank will act swiftly in the event of any wrongdoing “In the typical post policy press conference, Das added.

This isn’t the first time that concerns about such programmes have surfaced. A string of suicides and harassment claims prompted the central bank to launch a research on internet lending platforms a few years ago.The RBI has received the report as well as comments based on it, according to Das, and the study is currently being examined at a “advanced level.” The central bank will issue instructions or directions on the matter following the examination.When asked if the central bank’s recent loss of licences for five nonbank lenders was linked to partnerships with digital apps and improper practises, the governor declined to elaborate on the specific issues. Recognizing that clients are receiving contact from banks in the form of SMSes or phone calls, Das advised borrowers not to provide personal information such as onetime passwords or CVV numbers with any such agents who could use them for fraudulent purposes.He noted that if a consumer wishes, she or he can check with their bank office to confirm the accuracy before proceeding.

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