Digital lending fraud: RBI taking prompt action on such complaints, guidelines soon, says Governor Shaktikanta Das

The Reserve Bank of India (RBI) on Friday kept key lending rates unchanged for the record 11th time in line with the expectations of the economists and experts. The RBI's monetary policy committee held the lending rate, or the repo rate, at 4% and reverse repo rate, or the key borrowing rate, at 3.35%. 

The move was aimed supporting economic growth despite inflation edging higher in the aftermath of Russia's war in Ukraine. 

See Zee Business Live TV Streaming Below:

Meanwhile, replying to a question by Zee Business correspondent Anurag Shah on frauds related to digital lending, RBI Governor Shaktikanta Das said the central bank will bring guidelines related to digital lending soon. 

"We have also been getting many complaints related to digital lending fraud. We are acting promptly against such complaints and are also taking actions separately if and where required," said the RBI Governor.  

#BreakingNews

डिजिटल लेंडिंग से जुड़ी शिकायतों पर RBI गंभीर
RBI डिजिटल लेंडिंग के लिए नई गाइडलाइंस लाएगा

RBI को डिजिटल लेंडिंग को लेकर काफी शिकायतें मिलीं #ZeeBusiness के सवाल पर बोले RBI गवर्नर शक्तिकांत दास देखिए अनुराग शाह के साथ...#ShaktikantaDas @anuragshah_ pic.twitter.com/T9nAIdY6gl

— Zee Business (@ZeeBusiness) April 8, 2022

He said as far as guidelines are concerned on digital lending, the committee formed by the central bank to examine such cases is screening the feedback received by the public on the issue. "We have kept the window open for public feedback on digital lending frauds till December 31, 2022. We have received a huge response from the public and the committee is examining their comments. As soon as they share their feedback, we will deliberate upon the issue within two months and share it with the media," said  Shaktikanta Das. 

Earlier, the RBI also slashed economic growth projection to 7.2 per cent for the current fiscal from 7.8 per cent estimated earlier amid volatile crude oil prices and supply chain disruptions due to the ongoing Russia-Ukraine war. 

"RBI monetary policy has fallen much within the expectations of a dovish stance in view of the current crisis and maintains it’s pro-growth outlook. The geopolitical scenario on the global front and soaring inflation have led the RBI to lower its growth forecast to 7.2 per cent from 7.8 per cent and an increase in the inflation forecast for the current FY," said Ravi Singh, vice President and head of Research, ShareIndia 

However, the strong Indian forex reserves and a stable financial sector is providing some relief to the dismay, said the expert. "The unchanged repo rate will provide more elbow room to the homebuyers and helps in the revival of the realty sector. To curb the uncontrollable inflation, RBI has increased the reverse repo rate and sharp increase in the inflation projection has hinted towards a possible tightening in the near future," added Singh.
 
Besides, the RBI on Friday extended the rationalised home loan norms by another year till March 31, 2023. 

"RBI’s effort to keep the repo rate unchanged and maintain an accommodative stance is a welcoming step. This will continue to keep the home loan rates in the lower band, thereby fostering growth and pushing the market in a positive direction," said Subhash Goel, chairman & MD, Goel Ganga Developments.  

Lowered home loan rates will also help renewed investor interest in the sector, as real estate is a prudent option for risk-averse investors, he said.