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Borrow from RBI-registered lending apps to avoid unscrupulous operators

Digital Lenders' Association of India (DLAI) has come out with a few guidelines

Digital lending, fintech, digital lenders
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Evaluate the permissions the app is asking for. Be warned if any app is asking for access to more than the usual things, such as photos, contact list and SMS, among others

Bindisha Sarang Mumbai
The Reserve Bank of India (RBI) has cautioned the public about borrowing money from shady digital lending apps. According to recent reports, several borrowers have been forced to commit suicide owing to the harassment they faced after they delayed repaying loans. 

In a statement on Wednesday, the RBI said, “Members of the public are hereby cautioned not to fall prey to such unscrupulous activities and verify the antecedents of the company/firm offering loans online or through mobile apps.”

Identifying the legitimacy of digital lenders is not easy. To address this issue, the Digital Lenders’ Association of India (DLAI) has come

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First Published: Dec 26 2020 | 6:10 AM IST

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