The Reserve Bank of India (RBI) has appealed to the public to beware of digital money loans from instant loan mobile applications. A scam of crores of rupees has been reported. Three people from Andhra Pradesh have committed suicide after taking a loan from a similar app.
What's the whole matter?
Hyderabad Joint Commissioner of Police Avinash Mohanty said 30 loan apps were running in all the four offices. These apps provided loans to people at 35% interest without RBI approval. That means the money was going to double in three months. These mobile apps used to scare and intimidate the borrowers if the loan installment was not paid on time. The whole affair came to light when three people committed suicide in Hyderabad after being harassed by these threats and harassment.
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Did the RBI appeal for caution?
People are falling prey to digital fraud in the cycle of quick loans. So don't take a loan through mobile apps. Because your documents may be tampered with.
Check all records of the lending company. Such companies charge customers high interest rates, as well as hidden charges that are not initially known to customers.
Where do you complain about this type of fraud?
You can complain online by going to the link https://sachet.rbi.org.in/.
How to identify a fraudulent loan?
Read the full Gujarati report hereAccording to the RBI, all digital lending applications must be disclosed to the customer by the bank or NBFC through which they can make futures.
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