ZeeBiz Operation Hafta Vasooli Impact: RBI in action against digital lending companies after Anil Singhvi campaign

ZeeBiz Operation Hafta Vasooli Impact: RBI in action against digital lending companies after Anil Singhvi campaign

In a big development after the Zee Business campaign ‘Operation Hafta Vasooli’, launched by Managing Editor Anil Singhvi, to protect loan-takers  across the country, there is action being taken by none other than the Reserve Bank of India (RBI). The sting operation done by Zee Business channel on digital lending companies has led to the launch of a crackdown by the RBI. The Market Guru Anil Singhvi explains in detail what strong action has been taken by the RBI against the online lending companies and apps. (#OperationHaftaVasooli) 

These lending companies have some horrific habits that they use against borrowers like charging arbitrary interest rates, hefty processing fees, hacking of personal details of customers, illegal methods of loan recovery, even threats and abusive behaviour. Zee Business had raised its voice against this terrible treatment of borrowers and gave a clarion call for action to be taken against these lenders.

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Singhvi said that in his recent interview of RBI Governor Shaktikanta Das, he had categorically said that RBI has its eye on such online platforms and apps. The Governor also lauded the efforts of Zee Business channel in unearthing such cases. The regulator has formed strict guidelines with respect to this too. 

One such tough measure by RBI is that now the lending platforms will have to declare their association with banks and NBFCs without fail. This will give a big relief to loan-takers. 

The Governor has pointed out that the issues for the regulator is in monitoring the lending platforms and apps that are not registered. The RBI has been keeping an eye on the ones that are already registered.  

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Singhvi aid that the Governor has assured that the RBI will take action on two fronts – one will be on the awareness front where people will be informed about these unregistered lending platforms and apps. Another is that the complaints will be directed to different concerned departments.  

In the former case, people will be educated to find details about the platforms they are planning to get a loan from, which includes finding out if they are registered or not and with which banks and NBFCs they are associated, about their licenses etc. 

The tough measures against unscrupulous digital lending companies were announced by the RBI on Wednesday when it issued an official warning notification with respect to this. Singhvi said that the message has covered every aspect that has been raised by Zee Business channel.  

The Managing Editor himself cautioned viewers against dealing with such dubious platforms or apps. He said that this is just the beginning and much more needs to be done on the regulatory front.

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