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Mumbai: More than 8,000 complaints have been received by the Reserve Bank against non-banking financial institutions and lending institutions through the app.
Between April 2021 and March 2022, RBI has received 7,813 complaints against lending apps, non-bank financial institutions etc. Accordingly, expectations have increased that the Reserve Bank may soon announce regulations on financial technology companies.
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In recent times, with the rapid increase in lending through the app, there are also increasing complaints about the behavior of these companies in collecting the debt. Borrowers are suffering in many ways such as bad words and untimely calls from the debt collectors.
Accordingly, RBI has set up a committee to look into these issues. Also, RBI has asked states to keep an eye on unofficial digital lending institutions. The RBI has received the highest number of complaints from Maharashtra. Then there are the states of Karnataka, New Delhi, Haryana and Telangana.
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