Risky apps that provide quick loans

From April 2021 up to March 2022, Reserve Bank of India (RBI) has received 7,813 complaints against lending apps, banks and Non-Financial Institutions.
 

In the wake of these complaints, RBI will soon announce the regulations on financial technology companies.
Lately there is a rapid increase in lending through the app and at the same time complaints are also on the rise over the manner in which debit recovery is being done. Borrowers say they suffer in many ways like verbal abuse and shaming by sharing manipulated images of the borrower. Allegedly they also send obscene pictures of the borrowers to their friends and acquaintances. Many have reportedly committed suicide as a result of the harassment.         
 

RBI has formed a committee to look into these issues and has set also issued advisories to state governments to keep vigil over unauthorized digital lending organisations. From Maharashtra more complaints have come to RBI regarding loan companies.
 

Next come New Delhi, Haryana and Telangana. There are many complaints in Tamil Nadu as well.To eliminate those fake apps and save the public who are victimized by companies that issue fast loan and harass with high interest rates, RBI has to take the call. It is the duty of RBI to do so.Beware! Avoid taking loans through fake loan apps.