RBI Cautions against Unauthorised Digital Lending Platforms/Mobile Apps

Taking note of reports about individuals and small businesses falling prey to a growing number of unauthorised digital lending platforms/mobile apps, the central bank on 24th December, 2020 issued advisory cautioning against unauthorised Digital Lending Platforms.

Need

  • The advisory comes in the backdrop of at least three borrowers in Telangana committing suicide following alleged harassment by personnel of such lenders, and many more complaining of being subjected to coercive methods after defaulting on repayments.
  • These unauthorized apps get access to customer’s mobile contact list once they download these apps and start using them. If anyone defaults, many use strong-arm tactics, such ....
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