 "Maharashtra saw highest number of complaints against digital loan apps")
More than 2,500 complaints were made by customers to the Reserve Bank of India against digital loan applications (apps) between January 2020 and March 2021, Union Minister of State for Finance Bhagwat Karad informed the Lok Sabha on Monday.
Chart
A total of 2,652 complaints against digital loan apps (DLA) were received by ‘Sachet’ — a portal established by the RBI under the State Level Coordination Committee mechanism to register complaints by the public against unregistered entities. Highest number of complaints were received by Maharashtra, followed by Karnataka and Delhi.
“The Department of Supervision at the RBI has been designated as the nodal department for dealing with complaints against unauthorised digital lending platforms/mobile apps and a mechanism to handle specific references on unauthorised digital lending platforms has been laid down,” the minister said in a written reply.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%