Delhi HC asks RBI to file the status report on online lending platforms offering loans at an exorbitant rate

The Delhi High court has directed RBI to file a status report on the steps taken for implementation of the committee’s report on the progress on the issue of online lending platforms offering short-term personal loans at unreasonable rates.

The matter was brought before the court through a PIL. PIL mentioned the need to regulate mobile apps that offer personal loans at high rates through mobile apps and later humiliate and harass people during a payment default.