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In a big crackdown on digital lending after rising number of complaints and fraud the Reserve Bank of India cancelled licenses for 5 non-bank financiers. The RBI stated that these NBFCs were engaged in digital lending were in violation guidelines. These non-banking financial companies (NBFCs) used to run apps and service providers like Fastapp Technologies Private Ltd, Datimes Pvt Ltd, Bullintech Finance Pvt Ltd, TGHY Trustrock Pvt Ltd, Mrupee, Kush Cash, Karna Loan, Mr Cash, FlyCash, More, Wifi Cash, Badabro, Aeritech Pvt Ltd, Finclub Technologies Pvt Ltd, MoNeed, MoMo, CashFish, Kredipe, RupeeLand and Rupee Master.The action comes as the central bank has repeatedly warned customers against the questionable digital money lending entities that promise loans in seconds. Some of the lending apps under the lens have been charging exorbitant rates of interest on 'instant loans', and then use muscle powers to recover dues.Digital lending has seen a more than twelvefold increase in India from 2017 to 2020, according to a November 2021 report by the Reserve Bank of India.Sachet, a portal to file complaints with the RBI, received 2,562 complaints of lending apps promoted by unregulated entities between January 2020 and March 2021. Google Play store had removed over 205 such apps as of November 2021.

Beware of online lending apps! RBI cancels licenses of instant loan providers

The non-bank lenders whose licences were cancelled by RBI on&nbsp; include, UMB Securities, Anashri Finvest, Chadha Finance Private, Alexcy Tracon&nbsp;and Jhuria Financial Services

In a big crackdown on digital lending after rising number of complaints and fraud the Reserve Bank of India cancelled licenses for 5&nbsp;non-bank financiers. The RBI&nbsp;stated that these NBFCs&nbsp;were engaged in digital lending were in violation guidelines.&nbsp; These non-banking financial companies (NBFCs) used to run apps and service providers like Fastapp Technologies Private Ltd, Datimes Pvt Ltd, Bullintech Finance Pvt Ltd, TGHY Trustrock Pvt Ltd, Mrupee, Kush Cash, Karna Loan, Mr Cash, FlyCash, More, Wifi Cash, Badabro, Aeritech Pvt Ltd, Finclub Technologies Pvt Ltd, MoNeed, MoMo, CashFish, Kredipe, RupeeLand and Rupee Master.
Also read/watch| <a title="Twitter twists: Jack Dorsey off the board, another Musk backer gets the boot" href="https://www.editorji.com/business-news/twitter-twists-jack-dorsey-off-the-board-another-musk-backer-gets-the-boot-1653558018806">Twitter twists: Jack Dorsey off the board, another Musk backer gets the boot</a> The action comes as the central bank has repeatedly warned customers against the questionable digital money lending entities that promise loans in seconds. Some of the lending apps&nbsp;under the lens have been charging exorbitant rates of interest on 'instant loans', and then use muscle powers to recover dues. Digital lending has seen a more than twelvefold increase in India from 2017 to 2020, according to a&nbsp;November 2021 report&nbsp;by the Reserve Bank of India. Sachet, a portal to file complaints with the RBI, received 2,562 complaints of lending apps promoted by unregulated entities between January 2020 and March 2021. Google Play store had removed over 205 such apps as of November 2021.

Buy Now, Pay Later (BNPL) mantra for consumerism seems to have hit the right chord with the young shoppers but seems to be off-key with the regulator. Reports indicate that the RBI has demanded data on the 'lending' and debt levels from the new BNPL segment. Business Standard reports the central bank has sought details of shadow banks’ BNPL arrangements with e-commerce players. Why one may ask is the RBI getting involved with personal shoppers? Shoppers using BNPL take on short-term, often interest-free loans to pay for their purchases and sign on to a scheduled repayment plan to pay back the debt.The surge of spending under BNPL has sparked concern with regulators around just how much debt risk BNPL could be creating and what arrangements are being executed between the shadow banks and e-commerce players. 

EJ Explains: Why 'Buy Now Pay Later' is under the RBI's lens

Shoppers using BNPL take on short-term, often interest-free loans to pay for their purchases and sign on to a scheduled repayment plan to pay back the debt.

Why 'Buy Now Pay Later' is under the RBI's lens

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Digital lending (not restricted to BNPL), disbursements by RBI-sampled entities exhibited a more than 12-fold
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Buy Now, Pay Later (BNPL) mantra for consumerism seems to have hit the right chord with the young shoppers but seems to be off-key with the regulator. Reports indicate that the RBI&nbsp;has demanded data on the 'lending' and debt levels from the new BNPL&nbsp;segment.&nbsp; Reports indicate that the central bank has sought details of shadow banks&rsquo; BNPL arrangements with e-commerce players.&nbsp; Why one may ask is the RBI&nbsp;getting involved with personal shoppers?&nbsp;Shoppers using BNPL take on short-term, often interest-free loans to pay for their purchases and sign on to a scheduled repayment plan to pay back the debt. The surge of spending under BNPL has sparked concern with regulators around just how much debt risk BNPL could be creating and what arrangements are being executed between the shadow banks and e-commerce players.

digital loans

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