The Reserve Bank is quite serious in view of the increasing cases of fraud and cheating in the name of loans. People are being cautioned by the bank through messages.
It has been said in the message of RBI that the affiliation of digital lending apps with regulated banks/NBFCs should be verified only by checking their official website. Avoid downloading from links received through SMS or social media.
If you are also thinking of taking a loan, then first get information about the loan giving institution. After this apply.
Along with this, RBI has also issued strict rules from time to time regarding calls by bank agents for loan recovery.
Under the new rule, lending institutions can call for recovery of their loans only between 8 am to 7 pm.
RBI said that even after outsourcing of any work by financial institutions, their responsibility does not end.
Bank-NBFCs will have to provide training to recovery agents as to when and how to interact with the customer over call or message while recovering the loan.