The Reserve Bank of India has warned people that if they are using these kinds of apps they need to be more careful.
If you have applied for a loan through an unauthorized digital platform or are planning to, here's some bad news for you.
The Reserve Bank of India (RBI) has issued a warning to all those who have applied for loans through an unauthorized digital platform or mobile app. In an official statement released by the RBI, it has been said that it is seen that people are falling prey to Digital Lending Scam in the process of getting an instant loan.
RBI has warned people that if they are applying for a loan through an unauthorized digital platform or mobile app, then need to be more careful, as the documents can be fraudulent.
The central bank has stressed that people should avoid taking loans from such digital platforms and mobile apps that claim to provide instant loans without paperwork. It has been advised to look at the all the past records of such lending companies. It added that such companies charge more interest from customers, as well as many take hidden charges in them, which the customers were not aware of initially.
The customer's personal data can also be misused through the phone.
How to register a complaint with RBI
The Reserve Bank has asked people not to share a copy of KYC with such unauthorized people or apps. In case of any unauthorised activity, people can lodge complaints with enforcement agencies about siuch fake apps and platforms. This complaint can also be filed online through the Sachet portal by visiting https://sachet.rbi.org.in/
People can apply for loans from banks and non-bank financial institutions (NBFC) which are registered with RBI. With this, those units, which are regulated by the state governments under legal provisions, can do the job of lending. The Reserve Bank has also mandated that those operating digital lending platforms on behalf of banks and NBFCs must clearly name the respective financial institutions in front of customers.
The names and addresses of registered NBFCs can be found from the RBI website.
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