RBI digita to prevent illegal loan lending apps: RBI has launched a new plan to keep the public away from digital loan apps that are abusive and fraudulent in various ways. RBI is likely to launch Digita agency to verify and investigate loan applications. Loan applications not recognized by Digita are considered unauthorized.
RBI Digita: There are many reports about loan apps that cheat people by believing that they give loans without documents and get interest without giving loans. Many people fall into the trap of such fraudulent apps (illegal loan apps) due to an urgent need or a desire to get a loan without interest. In this background, RBI is setting up a special organization to crack down on illegal loan apps. According to the report, RBI is planning to bring Digital India Trust Agency (DIGITA) into the arena soon.
Digita is an agency created to monitor loan apps in a way. It does the verification of online loan applications. It also maintains a register of apps that have been verified in this way. All digital loan applications must be verified by Digita. Otherwise such loan application will be considered unauthorized. RBI’s calculation is that illegal loan apps and fraudulent loan apps can be curbed through this.
Digita Agency is responsible for not only verifying the authenticity of loan applications but also investigating them. After the creation of Digita, common people can identify unverified loan apps and stay away from them.
According to the report, RBI has given the list of 442 digital loan apps to the IT Ministry. It is learned that they have been asked to verify whether these are reliable to be on Google.
Recently, Google removed 2,200 loan apps from its app store in a period of 12 months from September 2022. Also, only apps that are partnered with RBI regulated banks or financial institutions are allowed space in Google Play Store.
Read also: Rules Changing from 1st April 2024: The changes that will take place from April 2024..