Reserve Bank will now tighten its grip on those giving loans through app

Reserve Bank will now tighten its grip on those giving loans through app


rbi: Reserve Bank of India is going to take strict action against the apps which fool and cheat the customers in the name of giving loans illegally. The apex bank is considering forming Digital India Trust Agency (DIGITA) in this regard. It is being told that in recent times the number of such apps in the country has increased rapidly. According to media reports, the proposed agency will verify digital lending apps and create a public register of verified apps. Apps that do not have DIGITA’s verification mark should be considered unauthorized. This will help in the fight against financial crimes in the digital sector. It is understood that this will help the loan takers to avoid any major financial problems. It is expected that after the formation of the agency, a big change will be seen.

Digita will investigate the app

DIGITA will be entrusted with the responsibility of investigating the digital loan giving app. According to sources, this verification process will help in creating more transparency and accountability within the digital lending sector. Meanwhile, the Reserve Bank has shared a list of 442 digital lending apps with the IT Ministry, so that they can be banned on Google. Google has removed more than 2,200 digital lending apps from its App Store from September 2022 to August 2023.

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‘Avoid fraud in the name of KYC’

The Reserve Bank has also cautioned about cases of fraud in the name of KYC. RBI said that do not share KYC documents or their copies with unknown or non-verified persons or organizations. The bank said that account login credentials, card information, PIN, password, OTP should not be shared with anyone. The central bank said that for this type of fraud, usually unsolicited communications including phone calls, SMS, emails are sent to the customers and through these, attempts are made to collect personal information from the customers or get them to download suspicious apps.


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