News > RBI brings in norms to curb malpractices by lending apps
RBI brings in norms to curb malpractices by lending apps
LiveMint | 25/06/2020 09:30 AM | Click to read full article
To curb malpractices by digital lending platforms, the Reserve Bank of India (RBI) has come up with a list of measures that lenders and their partner platforms will need to follow. The regulator came up with the instructions after it received several complaints against the lending platforms relating to exorbitant interest rates, non-transparent methods to calculate interest, harsh recovery measures, unauthorized use of personal data and bad behaviour.
Many such apps don’t even have a website, contact email address or helpline numbers.