The Reserve Bank of India vide its notification dated 23rd December 2020 has cautioned individuals and small businesses against falling prey to growing number of unauthorised digital lending platforms and mobile apps on promises of getting loans in quick and hassle-free manner.
The central bank has mandated that all digital lending platforms used by RBI-registered banks and NBFCs, will have to disclose the names of the bank and NBFC directly to the consumers.
Further, the Members of the public are hereby cautioned not to fall prey to such unscrupulous activities and verify the antecedents of the company/firm offering loans online or through mobile apps.
