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RBI received 1,500 complaints against digital loan apps, over 100,000 digital transactions complaints

Credit: PTI

The Reserve Bank of India (RBI) has received 1,509 complaints related to digital lending mobile applications, of which around 1,019 were against unregulated and unregistered digital loan apps, the Minister of State for Finance Anurag Thakur told Parliament. In terms of digital transactions, the central bank received 137,823 complaints in 2019-20, up by 113% from 64,607 complaints the previous year. Several members of Parliament had raised the issue of predatory digital loan apps in the Lok Sabha, and sought responses from the government on what corrective steps it had taken or proposed to take up in order to protect the public. In his reply, Thakur said while the RBI had issued a circular in June last year to non-bank lenders and banks to step up their transparency and disclosure efforts on digital loan apps and platforms, it had also issued…

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