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Ruthless Loan Sharks Turn Nightmare For Borrowers


Telangana To Ban Instant Loan Apps
Dec 19, 2020, 17:03 IST
Ruthless Loan Sharks Turn Nightmare For Borrowers
Hyderabad: The Internet can be a dark place. An online platform, app or any other mode can become the reason for harassment. There are people on these platforms that misuse and exploit the web, for their personal illegal benefit.
One such method has now come with the online money-loan apps. These apps know how to take advantage of a person’s vulnerable situation. With the increase in such cases, the Telangana police on Friday gave a report on it.
They said that there are more than 60 loan applications on Google play store that will claim to provide instant loans. These apps are not registered under Reserve Bank of India as a Non-Banking Finance Companies (NBFCs). Their activities are illegal. ....

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Telangana police says online instant loan apps illegal, will take action


Telangana police says online instant loan apps illegal, will take action
The Telangana police Friday stated that there are at least 60 such loan applications available on Google Play Store which are not registered or recognised by the Reserve Bank of India as an NBFC and their operations were unlawful.
Updated: December 19, 2020 12:41:40 pm
In connection to the rising number of such cases, the DGP’s office clarified that the rules of the Reserve Bank of India will strictly apply to lenders either online, offline, or from any bank.
Taking a serious view of various mobile app companies that offer instant loans, the Telangana police Friday stated that there are at least 60 such loan applications available on Google Play Store which are not registered or recognised by the Reserve Bank of India as an NBFC and their operations were unlawful. ....

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Techie ends life over harassment by 'online financiers'


Techie ends life over harassment by ‘online financiers’
Updated:
Updated:
Unemployed youth availed online loans through apps
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Unemployed youth availed online loans through apps
A 29-year-old techie was found dead at his residence in Rajendranagar on Wednesday afternoon. However, the incident came to light only on Thursday after his wife lodged a complaint with the local police alleging that her husband, P. Sunil, took the extreme step due to harassment and humiliation by the app-based finance companies.
Sunil, who lost his job during COVID-19 lockdown, availed loans in small amounts through various apps to meet his monthly expenses and to clear existing loans and credit cards bills, police said. ....

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