Business Standard

Digital dangers

Unauthorised lending apps must be stopped


Business Standard Editorial Comment New Delhi
The Reserve Bank of India (RBI) last week cautioned the public against unauthorised lending apps offering quick loans, after reports of harassment by such lending platforms. The banking regulator also emphasised that people should not share their documents with such unauthorised entities. Public lending in the country is undertaken by banks and non-banking financial companies (NBFCs) registered with the RBI. Besides, there are lending entities regulated by state governments under laws such as money-lending Acts of respective states. The RBI has instructed digital lending platforms to disclose their bank and NBFC affiliation upfront. On its part, the Digital Lenders Association

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Dec 28 2020 | 10:45 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on are available only to BS Premium subscribers.

Register to