October 31, 2022

The warning has been issued by Cyber Dost, a Twitter handle managed by the Union ministry of home affairs. It has asked the borrowers to verify the authenticity of lending company from Reserve Bank of India’s website.

The central government has advised people to stay away from instant mobile application-based lenders, which could land them in trouble. An awareness campaign has been launched by Cyber Dost, the Twitter handle operated by the Union ministry of home affairs.

The government has posted some safety tips to be kept in mind before applying for loans. It has asked the borrowers to verify the authenticity of lending company from Reserve Bank of India’s (RBI) website. The RBI portal has all the information about companies.

Further, the Cyber Dost Twitter handle has asked people to be vigilant before installing unknown applications on their mobile phone that provide loan. It said that doing so can put users’ confidential data and finances at risk.

It also asked the users to check the authenticity of the URL of the website before submitting documents or making payments.

These RBI too has been cautioning people against loans being offered by unauthorised digital platforms, mobile applications promising a quick and hassle-free process.

There have been reports of alleged harassment from debt collectors and a number of arrested were made from Delhi, Gurugram and Hyderabad last year when a multi-city loan app scam was unearthed.

The crackdown against such companies was…

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