RBI has received complaints against 1,509 online loan applications, Anurag Thakur told Lok Sabha

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

In December, the central bank warned the public about unauthorized digital lending platforms / apps and asked them to check the service provider’s background, the Union Minister further said.

He added that amid the growing incidents of harassment related to online lending, a Task Force (WG) was promulgated to study all aspects of digital lending activities in regulated and unregulated financial sectors so that a appropriate regulatory approach can be put in place.

While answering another question, Thakur told the Lower House that 41.75 crore accounts under Pradhan Mantri Jan Dhan Yojana (PMJDY) until January 27, 2021. He said the Jan Dhan Yojana program has played a important role in increasing banking penetration and promotion nationwide. financial inclusion.

Speaking about the policies of the NDA government led by Narendra Modi aimed at financial inclusion, Thakur said: “Approximately, 30.69 crore of RuPay cards with built-in accident insurance of Rs 1 lakh (Rs 2 lakh for accounts opened after the 28.8.2018) have been covered provided to PMJDY account holders. Approximately 80 percent of the total operational accounts under PMJDY have been seeded with Aadhaar and the eligible accounts benefit from a direct profit transfer (DBT) in their accounts. ”

Edited with PTI entries; by Mehak Agarwal

Read also: Digital loan: more than ever, we need fintechs to democratize credit and improve livelihoods

Read also: Harassment in the collection of fintech loans: why the burden also falls on the borrowers


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David A. Albanese

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