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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. ....
Techie ends life over harassment by ‘online financiers’ Updated: Updated: Unemployed youth availed online loans through apps Share Article 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. ....