All about Consumer Rights
World Consumer Day, celebrated annually on March 15, raises awareness of consumers’ demands and rights. Due to the need for safety, today is of the highest significance. Do you know what your rights as a customer are? Quick check: Not sure a loan app is genuine? Check it in our directory of loan apps and […]
Credit Card Billing Rules from July 1st, 2022
On April 21, 2022, the Reserve Bank of India (RBI) published updated regulations for the issue of credit and debit cards. These include updated regulations for credit card cancellation, invoicing, etc. Every Scheduled Bank (with the exception of Payments Banks, State Co-operative Banks, and District Central Cooperative Banks) and all Non-Banking Financial Companies (NBFCs) operating […]
How to Identify a Fraudulent Online Lending Platform
The Indian government’s Fintech industry has made significant contributions to the country’s economy, according to Prime Minister Narendra Modi. In order to highlight the industry’s expansion and inclusion, he emphasised the fact that 40% of all digital transactions worldwide occur in India. Although there has been a growth in the number of clients using digital […]
Why should you apply for a Personal Loan before Interest Rates go up?
The target interest rate ranges were raised to 0.25 percent – 0.5 percent during a meeting of the Federal Reserve Committee on March 16, 2022. The decision was taken in response to rising inflation fears, with the goal of lowering the rate to 2% in the long run. Interest rates across the board are influenced […]
Cheque Truncation System
Cheque Truncation System or CTS is the cheque clearance system introduced by RBI to fasten up the clearing of cheques. In this system, instead of producing the physical cheques to the payee bank, just the electronic image of the cheque along with the MICR code and other cheque credentials are transmitted to the drawee bank […]
EMI Moratorium
The Reserve Bank of India (RBI) said that all lending institutions, including banks and housing finance companies, will have to give its borrowers a three-month moratorium on term loans. The moratorium was for payment of all instalments falling due between March 1, 2020 and May 31, 2020. According to the RBI, the deferred instalments under […]
RBI Digital Lending Norms
The Reserve Bank of India (RBI) has proposed new norms and asked the government to frame a new legislation to curb illegal digital lending in the country. The proposals come after a panel set up by the regulator found that there are 1,100 loan apps in various app stores, of which 600 are illegal. Digital lending in India is […]