New Delhi. There are currently more than 600 illegal lending apps running in the country and they are also available on the App Store. If you fall in the trap of them, then you can do a lot of damage. The Central Government has given this information in a statement on Monday. In response to a written question in the Lok Sabha by the Union Finance Ministry, it was said that according to the findings of the Reserve Bank of India (RBI), there are more than 600 such apps.
After this revelation, now preparations are being made to tighten the screws on digital lending apps (online lending apps) in the country. A committee constituted by RBI in January has suggested the formation of a nodal agency to protect the interest of customers.
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More than 2500 complaints against loan lending apps
The Minister of State for Finance informed that Sachet, a portal set up by RBI to register complaints, has received around 2,562 complaints against digital lending apps from January 2020 to March 2021.
According to the RBI report, digital loan fraud is on the rise in recent times. More than 2500 complaints were received against digital lending apps from January 2020 to March 2021, with Maharashtra reporting the maximum number of cases. After this, people of Karnataka, Delhi, Haryana, Telangana, Andhra Pradesh, UP, West Bengal, Tamil Nadu got cheated together.
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In January 2021, the Reserve Bank of India (RBI) had constituted a working group under the chairmanship of Executive Director Jayant Kumar Das for lending through online platforms and mobile apps including digital medium. This working group was set up keeping in mind the rapidly evolving business practices in digital loan activities and customer safety concerns, which have given their suggestions.
RBI asked states to keep an eye on such platforms
On 23 December 2020, RBI had cautioned the general public not to fall prey to “unethical activities of unauthorized digital loan platforms or mobile apps”. MoS Finance said that it urged people to verify the company or the firm offering such loans. The minister said that the central bank has issued advisory to the states through their respective law enforcement agencies to keep a watch on such platforms or apps.
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