The central government has advised people to stay away from instant mobile application-based lenders, which could land them in trouble. Cyber Dost, the Twitter account run by the Union Ministry of Home Affairs, has launched an awareness campaign.
Before applying for a loan, keep these safety tips in mind, according to the government. It has advised borrowers to check the Reserve Bank of India’s (RBI) website for the legitimacy of the lending company. The RBI portal contains all company information.
Furthermore, the Cyber Dost Twitter handle has advised users to be cautious while installing suspicious loan-related programmes on their mobile phones. They warned that doing so could jeopardise consumers’ personal information and funds.
They also advised customers to verify the legitimacy of the website’s URL before submitting papers or making payments.
The RBI has also warned individuals about loans offered by unlicensed digital platforms and mobile applications that promise a quick and painless process.
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