RBI takes big step to curb app loan fraud, constitutes working group

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After giving loans through mobile apps in many cities across the country and then fraudulent cases have come up, now the RBI has taken a big step. The Reserve Bank of India (RBI) has constituted a working committee on 13 January to look into such cases.

After giving loans through mobile apps in many cities across the country and then fraudulent cases have come up, now the RBI has taken a big step. The Reserve Bank of India (RBI) has formed a working group on 13 January to look into such cases.

According to the RBI, a working group has been formed to study digital loans including lending through online platforms and mobile apps. RBI said that this group will look into the process of giving loan and will give its views on how to control it.

The RBI Working Group will study all aspects of digital loan (app loan) activities so that it can be regulated properly. The RBI said in a statement that increasing digital transactions in the financial sector is a better step. But there are often some downside risks associated with digital transactions.

The RBI has said in the release that the central bank supports new digit transactions to monitor app based loans and ensure data security, privacy and consumer security.

In fact, in the last few days, fraudulent cases have been reported in instant loans by the app from all places. Which is being demanded to rein. Many companies are giving small loans to people sitting at home with the help of Aadhar card and PAN number. In the guise of this, cases of cheating are coming out.

The interest of such loan is also very high. The country’s largest bank-SBI has also issued a warning to customers to avoid such fraud. Earlier, the RBI also issued a warning to the people.

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