Business

RBI will make special rules for online loan applications to customers, advised people to stay away from all these

There are many unauthorized apps on digital loan platforms, incidents of suicides have increased in recent times

You must have seen about many such applications using social media. Such applications do not claim to give loans to the user very easily, but after that many people have to face problems due to this. In many cases, they even commit suicide after getting fed up with mental anguish. In such a situation, now RBI has started to rein in such applications.

The RBI governor said that the RBI website has a list of apps that are registered with it. He said that in many states, the police have taken action against the wrongdoers as per the rules. RBI Governor Shaktikanta Das on Thursday said that the central bank will soon come out with rules for digital loan platforms. Please note that there are many unauthorized apps on these platforms. The alleged suicides among some of the borrowers of the digital loan app are on the rise due to the harassment of the lenders.

Addressing the prestigious week organized by the Finance Ministry as part of the Amrit Utsav of Independence, Das said, “I think they will soon come out with a comprehensive framework.” Speaking on the topic Indian Business – Past, Present and Future, Das said that there are many unauthorized and unregistered activities going on in this platform and it is completely illegal. Earlier on Wednesday, Das had said that customers taking loans from the app should contact the local police in case of any problem.

He clarified that the central bank would only take action against their institutions registered there. The governor said the RBI website has a list of apps that are registered with it. He said that in many states, the police have taken action against the wrongdoers as per the rules.

RBI Governor Shaktikanta Das on Thursday said traders should stay away from the lure of short-term profits. He said that there is also risk in trading, but before taking it one should consider its advantages and disadvantages.

Addressing the prestigious week organized by the Finance Ministry as part of the Amrit Mahotsav of Independence organized by the Central Board of Indirect Taxes and Customs (CBIC), Das said, “We have come across some unfair trade models, including money laundering and Involves misuse of assets. Such nature is extremely risky and is not sustainable.

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Shivam Bangwal

Shivam Bangwal is an Indian based entrepreneur who is a tech, travel and coding enthusiast with a post graduation degree on Master's of Computer Applications. He is a founder of Youthistaan, People News Chronicle, Hitchhike TV, Branding Panther and many more.
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