The Reserve Bank of India is planning to take such applications. Fraud in the name of lending online. Last year, there were reports that 12 people committed suicide due to borrowing from online apps. Since then, action has been taken against them. People affected by these apps had previously launched a campaign on social media. Then people started the trend of Operation Online Week Recovery, and then everyone’s attention turned to these apps.
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On the condition of anonymity, a Reserve Bank of India official told Hindustan Times, ‘Many such websites and applications have been found to charge 300% interest on online loans, which is not acceptable at any cost. He said, ‘Such online activities are not allowed. Such problems escalated rapidly during lockdown. People lost their jobs and their earnings went down. ‘
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Reserve Bank of India is exempted only for applications registered with the bank’s own application or NBFC. This is because such websites and applications are fully featured. The Reserve Bank of India always monitors all their transactions. Some of the online lending banks and websites are also receiving money from China. Such apps access many important information, including your contact list, your photos without permission. He uses it later.
