There are 600 illegal loan apps operating in India: RBI

  • A Reserve Bank of India Working Group on digital lending, including lending through online platforms and mobile apps, has stumbled upon more than 600 illegal loan apps operating in India.
  • In course of its filed work to prepare a detailed report on digital lending and to suggest recommendations, the WG found out the existence of over 1,100 unique loan apps that could be searched through key words such as loan, instant loan and quick loan.
  • The RBI panel pointed out that Sachet, a portal established by the Reserve Bank under State Level Coordination Committee mechanism for registering complaints by public, has been receiving significantly increasing number of complaints against digital lending apps.
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