RBI warns of illegal loan apps: Here are some tips to identify genuine lenders
A Reserve Bank of India Working Group report has found at least 600 illegal loan apps operating in India. A look at the business of digital lending, and some tips to identify genuine players and avoid debt traps.
The RBI report finds as many as 600 illegal loan apps operating in India. (Image: News18 Creative)
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These are some of the apps available on app stores from January 1, 2021, to February 28, 2021. (Image: News18 Creative)
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The overall volume of disbursement through digital mode (for the sampled apps) has increased twelvefold. (Image: News18 Creative)
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Most of such app-based lenders have aggressive recovery practices and use borrowers’ phone information to publicly humiliate them. (Image: News18 Creative)
As many as 2,562 complaints were received at Sachet (a portal established for registering complaints) from January 2020 to March 2021. (Image: News18 Creative)
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Here’s how you can identify genuine lenders and protect yourself from fraudulent loan apps. (Image: News18 Creative)
