×

UPSC Courses

DNA banner

DAILY NEWS ANALYSIS

  • 24 December, 2020

  • 7 Min Read

Beware of Digital lending apps

RBI warns illegal digital lending apps

  • Individuals and small businesses are falling prey to a growing number of unauthorised digital lending platforms/mobile.
  • Reserve Bank of India has advised public to be wary of unauthorised digital lending platforms and mobile apps.
  • RBI urged them to verify antecedents of the company loans online or through mobile apps.
  • The advisory comes in the backdrop of at least three borrowers in Telangana committing suicide in the recent past, following alleged harassment by personnel of such lenders, and many more complaining of being subjected to coercive methods after defaulting on repayments.
  • RBI said “legitimate public lending activities can be undertaken by banks, non­banking financial companies (NBFCs) registered with RBI and other entities who are regulated by the State governments under statutory provisions, such as the money lending acts of the States concerned.”
  • The central bank also advised consumers never to share copies of KYC documents with unidentified persons or unverified/unauthorised apps. They can report such apps/bank account information associated with the apps to law enforcement agencies concerned or use the sachet portal (https://sachet.rbi.org.in) to lodge complaints.
  • The RBI said it had mandated digital lending platforms used on behalf of banks and NBFCs to disclose the name of the bank(s) or NBFC (s) upfront to the customers.

Source: TH


India–Azerbaijan

A year after tensions arising from Operation Sindoor, India and Azerbaijan have taken steps to restore and normalise bilateral relations. The 6th round of Foreign Office Consultations, held in Baku, marked the first such engagement since 2022, signaling renewed diplomatic momentum. Recent Diplomatic Engagement During the consultations, bo

India–Australia Economic Cooperation and Trade Agreem

The India–Australia Economic Cooperation and Trade Agreement has completed four years since its signing. Both countries now aim to build on this progress through strengthened collaboration and ambitious targets, including reaching AUD 100 billion in bilateral trade by 2030. What is the India–Australia Economic Cooperation and Tra

ADR Report on Political Funding

A recent report by the Association for Democratic Reforms (ADR) analyses donations of ?20,000 or more declared to the Election Commission of India (ECI) by national political parties for FY 2024–25, highlighting transparency and accountability in political financing. Key Findings Massive Funding Surge Total donations to nationa

Maritime Chokepoints

Maritime chokepoints are narrow channels along global shipping routes where maritime traffic is concentrated. These points are geopolitically and economically critical, as they handle a large proportion of global trade, especially energy shipments. Current Relevance Over two-thirds of seaborne energy trade passes through a handful o

US-Israel-Iran War

Following the launch of Operation Epic Fury (U.S.) and Operation Roaring Lion (Israel), the geopolitical landscape has shifted fundamentally with the confirmed death of Iran’s Supreme Leader, Ayatollah Ali Khamenei.Iran retaliated through Operation True Promise 4, launching missile attacks against Israel and nearby Gulf states. The escala

DNA

05 Apr,2026

Toppers

Search By Date

Newsletter Subscription
SMS Alerts

Important Links

UPSC GS Mains Crash Course - RAW