Digital Loan Fraud: RBI has issued a new circle, under which all companies including Paytm, Flipkart and Amazon cannot steal information from their customers. Let us know what the RBI has given to these companies.
Instant Loan: RBI has given strict instructions to companies giving instant loans through online apps across the country. Now it will be very difficult for companies to give digital loans. Under this, the Reserve Bank has made strict rules for giving digital loans. The Reserve Bank of India (RBI) has made strict rules for giving loans online.
Customers will not pay fees to loan service providers
The Reserve Bank of India said that the fees that are paid to the Loan Service Providers (LSPs) in the process of giving loans. It should not be recovered from the customer who took the loan, but should be paid by the lending company. RBI issued several guidelines to online lending companies, under which unbridled collection through third parties, violation of data privacy, unfair practices from customers, high interest rates, all these things have been mentioned in this circular.
How do these apps trap
Companies connect customers’ social accounts like Facebook and Instagram while giving loans. While installing the app, people give permission to them without knowing the conditions and when the customer is unable to give the loan or later implicate people through this account to give loan. People spend most of their time on this, their data is shared here.
Do fraud like this
1. Credit card companies and CIBIL through companies target people whose financial condition is not good.
2. They first give low amount loans like purchase of mobile or personal loan of Rs 5000 to 10000 and then once stuck, they charge interest at a higher rate.
What will happen now under the new rule?
RBI has instructed all the companies taking online payment not to use the data of the customers without their consent nor to harass the customers under the guise of schemes like BY NOW PAY LATER.
