Digital Loan App Fraud : RBI is going to take important steps to stop the fraud of fake loan apps. Under this, information about the apps giving digital loans will be made public. So that fake units can be curbed. For this, RBI has proposed to banks and NBFCs to prepare a repository of digital loan apps. This step will help consumers to identify unauthorized loan-giving apps.

what will be the benefit?

RBI Governor Shaktikanta Das said that to solve the problems arising from unauthorized digital lending apps (DLA), RBI has proposed to prepare a repository of DLA of banks and NBFCs. In this, regulated entities (RE) will provide information about their DLA and will also update it with time. This step will help consumers to identify unauthorized lending apps. That is, customers will be able to thoroughly investigate the digital loan app before taking a loan.

How to detect fake apps

The advantage of the repository that RBI has asked banks to create will be that whenever a customer receives a call from a fake digital loan app, he will be able to check the list of banks very easily. In this way, he will be able to know which digital loan app is fake or real. This step of RBI can save customers from fraud on a large level.