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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 a warning to customers in December and has set up a working group to study all aspects of digital lending activities. Around 490 complaints were filed against registered lenders who disburse loans through digital lending apps, Thakur said according to Lok Sabha Question No.948, February 8, 2021."The matter has been taken up with the Chief Secretaries of the States requesting them to consider proactive intervention by the State law enforcement agencies as per applicable laws. Regional Directors of Regional Offices of the RBI are also in touch with the State Police," he added. Thankur also said that in the case of regulated non-bank financial companies, the complaints are sent to…

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