Loan Apps: The danger caused by loan apps.
Loan Apps: The danger caused by loan apps. Action taken by Reserve bank to prevent fraud!!RBI has taken an important decision to prevent fraud caused by loan processors.Many stories are floating around about loan apps scamming people by giving loans without documents and charging interest without giving the loan. Many people fall into the trap of such scam apps (illegal loan applications) in their immediate need or desire to get an interest-free loan. Against this backdrop, RBI is setting up a special system to crack down on illegal loan applications. According to reports, the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW">reserve bank of india (RBI) plans to launch the wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital india Trust Agency (DGITA) soon.Digital is a company created to track credit applications in a way. It verifies online loan applications. It also maintains a registry of applications certified in this way. All wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital loan applications must be verified by Digita. Otherwise, such loan applications will be treated as unauthorized. RBI reckons that this will prevent illegal loan applications and fraudulent loan applications. wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital Agency is responsible for not only verifying the authenticity of loan applications but also investigating them.Once developed by Digita, common people can identify and stay away from unverified credit applications. According to the report, it has submitted a list of 442 wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital credit applications to the IT Ministry. It seems that they were asked to verify that their presence on google was reliable. Recently, google removed 2,200 loan apps from its app store in the 12 months from september 2022. Also, it is worth noting that RBI has allowed only apps partnered with regulated banks or financial institutions to be listed on the google Play Store.