RBI caution against unauthorised loan apps and fake lenders Loan scam warning
RBI warns small businesses and individuals against unauthorised lending apps and agents that promise quick loans and then charge high interest and hidden costs, misuse phone data and use harsh recovery.
Last updated on
- Status
- Open
- Run by
- Reserve Bank of India
What you get
- Check that the lender is a bank, an RBI registered NBFC or a lender regulated by the State Government under its money lending law
- A digital platform working for a bank or NBFC must tell you the name of that lender up front
- Never share copies of your KYC documents with people or apps you cannot identify
- Report suspicious apps and the bank accounts linked to them to the police, or through RBI's Sachet portal
- Under the digital lending rules, fees for an agent or app working for a lender are paid by the lender, not by you
How to apply
- Check the lender on RBI's list of regulated entities and the app in RBI's directory of digital lending apps
- Do not pay money up front to an agent or app to release a loan
- Report fraud to the police and through sachet.rbi.org.in
- Complain about a regulated lender at cms.rbi.org.in
In person, your nearest police station, for fraud
Where we found this
An independent guide by The Company of Four, not a government website. Schemes change often, so check every detail on the official website before you apply. Links marked ↗ open external websites that we do not run, and we are not responsible for their content. Seen something out of date? Tell us and we will look into it.