RBI has this plan to protect you from ‘dangerous loan apps’

Amidst the increasing fake loan app scams in the country, the Reserve Bank of India (RBI) has proposed to create a repository of digital lending apps. Speaking in a post-monetary policy review address, RBI Governor Shaktikanta Das said “The regulated entities (REs) will report and update information about their DLAs in this repository. This measure will help the consumers to identify the unauthorised lending apps,”.