businessUpdated: Dec 25, 2020, 15:24 ISTThe Reserve Bank of India has cautioned against loans being offered by unauthorised digital platforms, mobile applications promising a quick and hassle-free process. The note of caution comes amid a major instant loan app scam being surfaced in the country with its multi-city network. “There have been reports about individuals/small businesses falling prey to the growing number of unauthorised digital lending platforms/Mobile Apps on promises of getting loans in a quick and hassle-free manner. “Members of the public are hereby cautioned not to fall prey to such unscrupulous activities and verify the antecedents of the company/ firm offering loans online or through mobile apps,” it said. Urging people to never share copies of KYC documents with unidentified persons, unverified/unauthorised Apps, RBI said such fraudulent activities can be reported to law enforcement agencies or RBI’s Sachet portal (https://sachet.rbi.org.in).

Source: Hindustan Times December 25, 2020 05:27 UTC