Reserve Bank of India
After giving loan through the loan app in the country and then fraudulent cases came to light, now the RBI has taken a big step.
- January 13, 2021, 8:49 PM IST
RBI said in a notification that increasing digital transactions in the financial sector is a better step but some negative risks are often associated in digital transactions. In such a situation a balanced approach should be followed.
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According to RBI, this working group will look into the process of granting loans and will give its views on how to control it. The central bank said in a statement that the central bank supports new digit transactions to monitor app based loans and ensure data security, privacy and consumer security.Also read- Gas Booking: Cashback of 50 rupees will be available on booking cylinders with pocket wallets, know the complete process
RBI was also cautious
Significantly, in the last few days, fraudulent cases have been reported from various places through the loan app. Recently, RBI said in a statement that there are reports that people / small businessmen are getting caught in the flurry of unauthorized digital platforms and apps promising to give loans quickly and without any hassle. RBI also said that the interest rates of such platforms are very high and there are extra hidden charges. In addition, they also misuse the data of mobile phone holders.