Reserve Bank of India RBI Alert to Customers Against Illegal Digital Platforms and Applications | Customers should beware of illegal digital lending platforms and apps

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  • Reserve Bank Of India RBI Alert To Customers Against Illegal Digital Platforms And Applications

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Mumbai18 hours ago

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These online platforms or apps are not within the scope of any regulator. Therefore, there is no action on these. They all do business illegally and charge high fees from customers

  • The Reserve Bank said that those NBFCs or companies who are registered with the Reserve Bank or under the purview of a regulator, take loans only from them
  • Such platforms and apps promise instant and hassle-free loans to customers. These platforms charge more interest from customers

The Reserve Bank of India (RBI) has cautioned customers against illegal digital lending platforms and applications. In this, individual and small business people have been asked to take special precautions.

Do not fall into the trap of instant loan

The Reserve Bank on Wednesday said that such platforms and apps promise instant and hassle-free loans to customers. These platforms charge more interest from customers as well as many hidden charges. These borrowers also follow the wrong method of recovery and misuse the agreement. These people also take customers’ mobile data completely.

Apply only after verifying

The Reserve Bank said that such promises should not be misled. Do not apply for loan from any company or firm without verification. Do not rely on online or mobile apps for such. Customers should not give KYC documents to unrecognized people, companies or apps. In such cases, information should be given to the concerned agencies.

Take loan from registered companies only

The Reserve Bank said that those NBFCs or companies who are registered with the Reserve Bank or are under the purview of a regulator, contact them for taking loans as well. Let us know that at this time people and companies offering all loans on online and mobile apps are offered to customers. They all charge high interest rates and then treat customers like goons in collecting money. It also misuses customers by taking all their data.

Are outside the scope of the regulator

These online platforms or apps are not within the scope of any regulator. Therefore, there is no action on these. All of them do business illegally and charge high fees from customers. After such complaints, the Reserve Bank has issued such warnings to customers.

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