Many mobile applications in India have started offering small and large loans easily . The Reserve Bank has asked those taking such loans to be vigilant. "There are a number of online lending platforms that we have not approved," the RBI said. No institution in India can give a loan without the approval of the Reserve Bank of India (RBI).
The RBI gave this advice
The Reserve Bank (RBI) also advised that strangers should not be given Know Your Customer (KYC) documents. If a person is a victim of loan fraud through a mobile app or if an app looks suspicious, a complaint can be lodged on RBI's site Sachet (https://sachet.rbi.org.in).
Being an online application, loans can be given easily without any government documents, bank operations or other hassles. The lender's app is likely to have access to a number of details of the borrower and his relatives. Therefore, such loan borrowers should be careful. The easier it is to get a loan, the more careful you should be.
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