Fake lending apps: How RBI plans to end this menace with a repository

In July 2023, a 22-year-old engineering student, Tejash Nayar, took his own life, citing harassment by money lending apps. After borrowing Rs 30,000, the debt ballooned to Rs 46,000 with interest and late fees. In his heart-wrenching death note, Tejash wrote, “Sorry mom and dad for whatever I did. But I have no other choice other than this. I am unable to pay loans that are there in my name and this is final decision. Thank You. Good Bye.”