Complaints received against banks, NBFCs related to digital lending apps and recovery agents

A total of 7,813 complaints have been received against banks and NBFCs pertaining to digital lending apps and recovery agents under the Integrated Ombudsman Scheme of RBI during the period April 1, 2021 to March 3, this year.
Most of the complaints pertain to lending apps promoted by entities not regulated by the RBI, such as companies other than NBFCs, unincorporated bodies, and individuals.
Major concerns raised in such complaints were issues of exorbitant interest, charges levied by digital lending apps, and harassment of customers for loan repayments.