From April 2021 to March 2022, the Reserve Bank of India (RBI) received 7,813 complaints against lending apps, banks and non-financial institutions.
As a result of these complaints, RBI will soon announce regulations on fintech companies.
Lately, there has been a rapid increase in in-app lending and at the same time complaints about how debit collection is done are also on the rise. Borrowers say they suffer in many ways, such as verbal abuse and shame by sharing manipulated images of the borrower. They also allegedly sent obscene photos of the borrowers to their friends and acquaintances. Many are said to have committed suicide because of the harassment.
RBI has formed a committee to look into these issues and has also issued notices to state governments to monitor unauthorized digital lending organizations. From Maharashtra, other complaints reached RBI regarding loan companies.
Next come New Delhi, Haryana and Telangana. There are also many complaints in Tamil Nadu. To weed out these bogus apps and save the public who are falling victim to fast loan companies and harassing them with high interest rates, RBI must take the call. It is RBI’s duty to do so. Avoid getting loans through fake loan apps.