You have also taken ‘online’ loan at high interest, High Court seeks report from RBI

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Personal Loan- India TV Paisa

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Personal Loan

New Delhi. The Delhi High Court on Wednesday asked the Reserve Bank of India to give details about the steps taken for implementation of the report of a committee constituted to look into the issues related to ‘online’ platform offering high interest loans through mobile app. Said to Senior advocate V Giri, appearing for the Reserve Bank before a bench of Acting Chief Justice Vipin Sanghi and Justice Navin Chawla, said the committee’s report is being made public to invite suggestions. To this, the court said, “The respondent should submit a status report on the implementation of the report on the next date of hearing.”

The next hearing of the case will be on July 20. The court is hearing a public interest litigation. In this, it has been urged to regulate the personal lending platforms at high interest rates for short periods through mobile apps. It said people are allegedly humiliated and harassed for delay in repayment of such loans.

During the hearing, senior advocate Prashant Bhushan, appearing in support of the PIL, submitted that nothing has been done by the government or RBI after receiving the report of the committee and the problem remains as it is.



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