MANU & VINU MAKE A COME BACK
"TALKING ABOUT UNAUTHORISED DIGITAL LENDING PLATFORMS"
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Vinu |
Hi Manu! Look at this! I received an offer for a Loan from this Digital Lending Mobile App. I am going to share my details & get this easy loan! |
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Manu |
Hey Vinu! Wait! Don't fall prey to this! |
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Vinu |
What? |
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Manu |
Yes! RBI has already cautioned the general public regarding rising cases of unauthorized Digital Lending Platforms/Mobile Apps through its press release on 23rd December 2020. |
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Vinu |
Really? |
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Manu |
Yes! It seems several individuals/small businesses are falling prey to this growing number of unauthorized digital lending platforms/Mobile Apps. They generally give promises of getting loans in a quick and hassle-free manner. But later they charge excessive rates of interest and will also levy additional hidden charges. |
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Vinu |
Oh My God! |
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Manu |
They have even adopted unacceptable & high-handed recovery methods and they may also misuse agreement clauses and access data of mobile phones of borrowers. |
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Vinu |
I didn't know it could be so clumsy! |
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Manu |
Yes, Vinu! It can be! Ensure you are borrowing only from Banks or NBFCs registered with RBI. Only they can undertake Legitimate Public Lending Activities. And also entities regulated by State Governments through statutory provisions like Money Lending Acts can lend. Double ensure you borrow only from those kinds of institutions. |
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Vinu |
Got it Manu! |
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Manu |
So don't fall prey to unscrupulous activities and always verify the antecedents of the company/firm offering loans online or through mobile apps. |
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Vinu |
Yes! |
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Manu |
Never share copies of your KYC documents to unidentified persons, unverified/unauthorized Apps. If you come across any such instances, report such Apps/Bank Account information associated with the Apps to concerned law enforcement agencies or use the Sachet portal (https://sachet.rbi.org.in) to file an online complaint. |
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Vinu |
Ok. |
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Manu |
Also remember, If Digital lending platforms are used on behalf of Banks / NBFCs, they have a mandatory requirement to disclose the name of the Bank / NBFC upfront to the customers. |
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Vinu |
Ok |
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Manu |
You can check out the name & addresses of the NBFCs registered with the Reserve Bank at this link: https://www.rbi.org.in/Scripts/BS_NBFCList.aspx & if you have any complaints against the entities which are regulated by the RBI, you can do so through this link: |
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Vinu |
Thanks a lot, Manu! |
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