A backlog of complaints against digital lending apps and recovery agents

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New Delhi: Around 13,000 complaints have been filed since April 2021 against digital lending apps and recovery agents of banks and non-banking finance companies. The government said that these complaints were filed in the last 19 months (April-2021 to November, 2022) under the Banking Regulators' Integrated Ombudsman Scheme 2021.

According to RBI, a total of 12,903 complaints have been received during the period from April 1, 2021 to November 30, 2022 regarding harassment by bank and non-banking finance companies and their recovery agents under the Integrated Ombudsman Scheme, Minister of State for Finance Bhagwat Karad said.

With the emergence of online lending platforms in recent times, there have been widespread complaints of harassment by the financial sector, including malpractices, extortion, blackmailing and charging interest from borrowers at arbitrary rates.

The modus operandi of these apps is such that young loan seekers are lured by talking about quick loan without submitting too many documents.

Later he gets a verification call and then the loan amount is allotted. In this type of loan Rs. 3000 to 50,000 loan is offered.

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