Manu & Vinu Talking about Unauthorised Digital Lending Platform

Vinu

Hi Manu!

Look at this! I received an offer for a Loan by this Digital Lending Mobile App.

I am going to share my details & get this easy loan!

Manu

Hey Vinu!

Wait! Don’t fall prey for this!

It can be an unauthorised app!

Vinu

What?

Manu

Yes!

RBI has already cautioned the general public regarding rising cases of unauthorised Digital Lending Platforms/Mobile Apps through its press release on 23rd December, 2020.

Vinu

Really?

Manu

Yes!

It seems several individuals/small businesses are falling prey to this growing number of unauthorised digital lending platforms/Mobile Apps.

They generally give promises of getting loans in quick and hassle-free manner.

But later they charge excessive rates of interest and will also levey additional hidden charges.

Vinu

Oh My God!

Manu

They have even adopted unacceptable & high-handed recovery methods and they may also misuse agreement clauses and access data of mobile phones of borrowers.

Vinu

I didn’t know it could be so clumsy!

Manu

Yes Vinu! It can be!

Ensure you are borrowing only from Banks or NBFCs registered with RBI. Only they can undertake Legitimate Public Lending Activities. And also entities regulated by State Governments through statutory provisions like Money Lending Acts can lend.
Double ensure you borrow only from those kinds of institutions.

Vinu

Got it Manu!

Manu

So don’t fall prey for unscrupulous activities and always verify the antecedents of the company / firm offering loans online or through mobile apps.

Vinu

Yes!

Manu

Never share copies of your KYC documents to unidentified persons, unverified/unauthorised Apps.

If you come across any such instances, report such Apps/Bank Account information associated with the Apps to concerned law enforcement agencies or use Sachet portal (https://sachet.rbi.org.in) to file an on-line complaint.

Vinu

Ok

Manu

Also remember, If Digital lending platforms are used on behalf of Banks / NBFCs, they have a mandatory requirement to disclose the name of Bank / NBFC upfront to the customers. 

Vinu

Ok


Manu

You can check out the name & addresses of the NBFCs registered with the Reserve Bank in this link:

https://www.rbi.org.in/Scripts/BS_NBFCList.aspx

& if you have any complaints against the entities which are regulated by the RBI, you can do so through this link:

https://cms.rbi.org.in


Vinu

Thanks a lot Manu!

CA N Raja
A Chartered Accountant with tonnes of passion for teaching.

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