Moneycontrol PRO
you are here: HomeNewsPhotosIndia

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.

November 23, 2021 / 07:37 PM IST
RBI report finds as many as 600 illegal loan apps operating in India. (Image: News18 Creative)
The RBI report finds as many as 600 illegal loan apps operating in India. (Image: News18 Creative)
A look at apps available on app stores from January 1, 2021 to February 28, 2021. (Image: News18 Creative)
These are some of the apps available on app stores from January 1, 2021, to February 28, 2021. (Image: News18 Creative)
Overall volume of disbursement through digital mode (for the sampled apps) has increased twelvefold. (Image: News18 Creative)
The overall volume of disbursement through digital mode (for the sampled apps) has increased twelvefold. (Image: News18 Creative)
Most of such app-based lenders have aggressive recovery practices and use borrowers’ phone information to publicly humiliate them. (Image: News18 Creative)
Most of such app-based lenders have aggressive recovery practices and use borrowers’ phone information to publicly humiliate them. (Image: News18 Creative)
2,562 complaints received at Sachet (a portal established for registering complaints) from January 2020 to March 2021. (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)
Here’s how you can identify genuine lenders and protect yourself from fraudulent loan apps. (Image: News18 Creative)
Here’s how you can identify genuine lenders and protect yourself from fraudulent loan apps. (Image: News18 Creative)
Moneycontrol News
first published: Nov 23, 2021 07:37 pm

stay updated

Get Daily News on your Browser
Sections
ISO 27001 - BSI Assurance Mark