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RBI cautions public against unauthorised digital lending apps
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Last Updated: Dec 23, 2020, 09:28 PM IST
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Synopsis
Only licensed banks and non-banking financial companies (NBFCs) given authorization by the central bank can do public lending activities, the central bank said. Earlier this year, RBI had issued a detailed set of guidelines over acceptable lending practices that can be followed by fintech apps. Beware of mobile apps promising quick loans : RBI cautions public against unauthorised digital lending
MUMBAI: The Reserve Bank of India on Wednesday has issued a note of caution to the public against the use of “unauthorized” lending apps citing recent media reports on unethical collection practices along with arbitrary interest rates being charged by some of these apps.