RBI cautions customers against falling prey to unauthorised digital lending platforms

The Reserve Bank of India (RBI) has cautioned customers against falling prey to unauthorized digital lending platforms and mobile apps. Referring to certain reports about individuals and small businesses who have suffered after seeking loans from these unauthorized platforms, RBI said, "These reports also refer to excessive rates of interest and additional hidden charges being demanded from borrowers; adoption of unacceptable and high-handed recovery methods; and misuse of agreements to access data on the mobile phones of the borrowers." RBI has also mandated that digital lending platforms that are used on behalf of Banks and NBFCs should disclose the name of the banks or NBFCs upfront to the customers, the release further read. Customers have been requested by the central bank to verify such companies or firms offering loans online or via apps.

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