ZeeBiz Sting Impact - Operation Hafta Vasooli! RBI launches action against wrongdoing by app-based fintech firms

After Zee Business exposed wrongdoings by app-based small lending firms in its Operation Hafta Vasooli programme, the Reserve Bank of India (RBI) has launched strong action against those who do not treat borrowers fairly. The RBI has now made it mandatory for small fintech firms to mention the loan agent on their website and has given clear instructions to all those app-based lending platforms to follow fair lending practices vis a vis loan-takers or face consequences.

Zee Business Managing Editor Anil Singhvi hailed the RBI move and said that it's high-time for the app-based lending platforms to follow fair lending practices and implement RBI guidelines - during the lockdown borrowers were put through a harrowing time. 

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Significantly, Singhvi said these lending platforms should know that the RBI reprimand can also become a punishment soon if they fail to understand and implement fair lending practices. Addressing the delay in RBI's action Singhvi said that it takes time for a regulator to take action and the cbank's late action has to be seen from this perspective.

In a major sting operation, Zee Business had exposed app-based lending fintech firms during the lockdown which were defying the RBI EMI moratorium order. These small fintech firms were found to be forcing loan borrowers to pay their EMIs or face a huge penalties. They were even shown blackmailing the loan borrowers that their Cibil score will be damaged if they fail to pay EMI on time. What is even worse was that these fintech firms were even using foul language while communicating with loan-takers.

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ज़ी बिज़नेस के स्टिंग ऑपरेशन #OperationHaftaVasooli पर RBI का बड़ा एक्शन...
अनिल सिंघवी ने कहा- एक्शन की सिर्फ शुरुआत, अंत नहीं...छोटे लोन देने वाली कंपनियां नहीं सुधरी, तो छोड़ेंगे नहीं...#EditorsTake #RBI @AnilSinghvi_ @RBI @RBIsays @DasShaktikanta @YogeshDayal17 pic.twitter.com/jXYxM193FJ

— Zee Business (@ZeeBusiness) June 25, 2020

"This RBI action is a big victory for Zee Business viewers who motivate us to come out with such an exposé. This does not just help innocent victims but also the system itself. Authorities can know how much of their welfare schemes are getting implemented at the ground level," concluded Anil Singhvi.