New Delhi: The Reserve Bank of India has asked the government to be vigilant against some unauthorized digital platforms and mobile applications that promise to provide instant and complex process-free loans. The Reserve Bank of India (RBI) has issued a warning following the arrest of a major “Instant Loan App” scam that has a network in several cities across the country. In a statement, the Reserve Bank of India (RBI) said, “Individuals / small businesses are all part of the Unscrupulous Digital Lending Platform / Mobile App, which promises to provide loans in this immediate and free-of-charge process.” They are demanding higher interest rates and other hidden fees from borrowers. They are adopting unacceptable and strict policies to repay loans. So check the background of companies that are tempted to lend easily
