PIL seeks regulating online lending platforms; Delhi HC seeks Centre, RBI stand

The Delhi High Court Friday sought response of the Centre and the RBI on a PIL seeking regulation of online lending platforms operating through mobile apps.

A bench of Chief Justice D N Patel and Justice Jyoti Singh issued notice to the Centre and Reserve Bank of India (RBI) seeking their stand on the plea which has claimed that such lending platforms charge exorbitant interests on the loans given by them.

Advocate Prashant Bhushan, appearing for the petitioner, told the court that these entities pose a menace and even the RBI has issued a press note cautioning the general public about these platforms.