Updated: January 15, 2021 1:29:12 pm
The Delhi High Court on Friday sought response from Centre and RBI on PIL seeking regulation of online lending platforms.
A bench of Chief Justice D N Patel and Justice Jyoti Singh issued notice to the Centre and Reserve Bank of India (RBI) seeking their stand on the plea which has claimed that such lending platforms charge exorbitant interests on the loans given by them.
Advocate Prashant Bhushan, appearing for the petitioner, told the court that these entities pose a menace and even the RBI has issued a press note cautioning the general public about these platforms.
There were reports of multiple suicides by people who were unable to bear the harassment and humiliation over non-payment of instant loans availed through online apps.
Apart from levying hefty penalties for failure or delay in repayment of loan, these lending platforms use a combination of coercion, blackmail, and threats.
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