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Exclusive: MobiKwik accused of using tactics similar to Chinese loan apps for securing repayment

Researchers tracking loan apps indicate that this isn’t an isolated incident given that there are no regulations in place.

At a time when Chinese loan apps are being criticised for imposing exorbitant interest rates and employing predatory practices, fintech company MobiKwik (which was looking to go public until recently) has been accused of resorting to similar, ethically-dubious practices for securing the repayment of a loan availed from its platform. This particular incident pertains to Bharath C Raghurama, a 34-year-old native of Karnataka who is currently based in Gujarat. Raghurama had availed an instant loan offered by MobiKwik in December and his repayment was scheduled for the end of the month. But when Raghurama was not able to pay it by the stipulated deadline, MobiKwik agents started harassing him over WhatsApp, it is learnt. They warned him that if he is not able to repay the sum as soon as possible, then friends and family would be informed about the…

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Among other subjects, I cover the increasing usage of emerging technologies, especially for surveillance in India

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