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RBI received complaints against 1,509 online lending apps, Anurag Thakur tells Lok Sabha

The central bank in December cautioned the public against unauthorised digital lending platforms/apps and appealed to them to verify the antecedents of the service provider, the Union Minister further stated

twitter-logoBusinessToday.In | February 9, 2021 | Updated 11:44 IST
RBI received complaints against 1,509 online lending apps, Anurag Thakur tells Lok Sabha
Reserve Bank of India

The Reserve Bank of India (RBI) received complaints against 1,509 digital lending applications, Union Minister of State for Finance Anurag Thakur told the Lok Sabha in a written reply. According to Thakur, the RBI received complaints against 1,019 unregistered or unregulated digital loan applications and 490 registered non-banking financial companies (NBFCs) engaged in digital lending.

The central bank in December cautioned the public against unauthorised digital lending platforms/apps and appealed to them to verify the antecedents of the service provider, the Union Minister further stated.

He added amid rising incidents of online lending-related harassment, a working group (WG) has been promulgated to study all aspects of digital lending activities in both regulated and unregulated financial sectors so that a proper regulatory approach can be put in place.

While replying to another question, Thakur told the Lower House that 41.75 crore accounts under Pradhan Mantri Jan Dhan Yojana (PMJDY) till January 27, 2021. He said that the Jan Dhan Yojana scheme has played an important role in increasing banking penetration and promoting nationwide financial inclusion.

Talking about the policies of the Narendra Modi-led  NDA government aimed at financial inclusion Thakur said, "Approximately, 30.69 crore RuPay cards with an inbuilt accidental insurance of Rs 1 lakh (Rs 2 lakh for accounts opened after 28.8.2018) coverage have been provided to PMJDY account holders. About 80 per cent of the total operative accounts under PMJDY have been seeded with Aadhaar and eligible accounts are getting Direct Benefit Transfer (DBT) in their accounts."

Edited with PTI inputs; by Mehak Agarwal

Also read: Digital lending: Now more than ever we need fintechs to democratise credit, uplift livelihoods

Also read: Harassment in fintech loan recovery: Why onus is on borrowers too

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