PIL seeks regulation of online lending platforms; Delhi HC seeks stand of Centre, RBI

The court issued notice to the Centre and RBI seeking their stand on the plea which has claimed that such lending platforms charge exorbitant interests.

Published: 15th January 2021 01:04 PM  |   Last Updated: 15th January 2021 01:04 PM   |  A+A A-

Smartphones, Phone camera, Mobile phone

Representational Image. (Photo | AFP)

By PTI

NEW DELHI: The Delhi High Court on Friday sought response of the Centre and the RBI on a PIL seeking regulation of online lending platforms operating through mobile apps.

A bench of Chief Justice DN 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.

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