Reserve Bank of India Governor Shaktikanta Das said on Thursday that the central bank will soon come out with rules for digital lending apps. According to RBI, it is also necessary to bring rules for these institutions, because many of these institutions are illegal and are giving loans without certification. Now RBI is preparing to rein in such institutions.
The central bank said that after giving loans through digital loan apps, people are harassed more, due to which the cases of alleged suicide are increasing. Giving a statement on Indian business (past, present and future), Das said, “I think very soon we will come out with a comprehensive regulatory framework that will address the challenges we face with respect to lending through digital platforms. will be able to solve. He said that many of these institutions are running illegally without registration.
Shaktikanta Das said these things under the ‘Azadi Ka Amrit Mahotsav’ program. It was organized by the Central Board of Indirect Taxes and Customs (CBIC).
What will change after the rules come: After the RBI brings rules against these apps, the loan burden on the borrowers will be reduced. These will have to be repaid within a stipulated time interval and in the meantime no digital lending company will be able to harass you. Along with this, action can also be taken against illegally running apps.
Make a complaint at the police station: It is worth mentioning that Shaktikanta Das had told on Wednesday that customers taking loans from the digital loan app without registration should contact the local police in case of any problem. He clarified that the central bank will take action only against registered entities. The Governor said that there is a list of apps on the RBI website which are registered with it. He said that RBI will take action against such entities for committing mistakes.
The Governor said that the RBI recognizes the role of existing and emerging businesses for economic growth. He said that the long-term success of any business is directly linked to the quality of its operations, the strength of its internal control system and risk control.