Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 151
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
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Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

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        LATEST NEWS UPDATES | Delhi HC slams Centre, RBI for inaction on usurious mobile vendors     </title>
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RBI said it regulates banks and non-banking finance companies and it does not regulate online lending platform

The Delhi High Court on Tuesday observed that online lending platforms, offering short-term personal loans through mobile apps, cannot be allowed to charge..."/>
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                            <p style="text-align:justify">-The Hindu</p><p style="text-align:justify"><em>RBI said it regulates banks and non-banking finance companies and it does not regulate online lending platform</em></p><p style="text-align:justify">The Delhi High Court on Tuesday observed that online lending platforms, offering short-term personal loans through mobile apps, cannot be allowed to charge exorbitant interest and processing fees.</p><p style="text-align:justify">&ldquo;Rate of interest should not be exorbitant. Just look at the difficulties. An expert body is required. If you people are so slow in taking action, we will do it with our order with the help of an expert committee,&rdquo; a bench of Chief Justice D.N. Patel and Justice Jyoti Singh said, while asking the Centre and Reserve Bank of India (RBI) to look into the issue.</p><p style="text-align:justify">The High Court said it expects that the Centre and RBI will come out with some solution by the next date of hearing on August 27. The court was hearing a petition seeking regulation of online lending platforms through mobile apps.</p><p style="text-align:justify"><em>RBI ducks responsibility</em></p><p style="text-align:justify">The RBI said it regulates banks and non-banking finance companies and it does not regulate online lending platform and that the Central government has the power to do so.</p><p style="text-align:justify">The petitioner, Dharanidhar Karimojji, claimed that more than 300 mobile applications are providing instant loans ranging from 1,500 to 30,000 for 7 to 15 day periods.</p><p style="text-align:justify">Please <a href="https://www.thehindu.com/news/national/delhi-hc-slams-centre-rbi-for-inaction-on-usurious-mobile-vendors/article35573774.ece?homepage=true" title="https://www.thehindu.com/news/national/delhi-hc-slams-centre-rbi-for-inaction-on-usurious-mobile-vendors/article35573774.ece?homepage=true">click here</a> to read more.&nbsp;</p>                                                           
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                            <p style="text-align:justify">-The Hindu</p><p style="text-align:justify"><em>RBI said it regulates banks and non-banking finance companies and it does not regulate online lending platform</em></p><p style="text-align:justify">The Delhi High Court on Tuesday observed that online lending platforms, offering short-term personal loans through mobile apps, cannot be allowed to charge exorbitant interest and processing fees.</p><p style="text-align:justify">&ldquo;Rate of interest should not be exorbitant. Just look at the difficulties. An expert body is required. If you people are so slow in taking action, we will do it with our order with the help of an expert committee,&rdquo; a bench of Chief Justice D.N. Patel and Justice Jyoti Singh said, while asking the Centre and Reserve Bank of India (RBI) to look into the issue.</p><p style="text-align:justify">The High Court said it expects that the Centre and RBI will come out with some solution by the next date of hearing on August 27. The court was hearing a petition seeking regulation of online lending platforms through mobile apps.</p><p style="text-align:justify"><em>RBI ducks responsibility</em></p><p style="text-align:justify">The RBI said it regulates banks and non-banking finance companies and it does not regulate online lending platform and that the Central government has the power to do so.</p><p style="text-align:justify">The petitioner, Dharanidhar Karimojji, claimed that more than 300 mobile applications are providing instant loans ranging from 1,500 to 30,000 for 7 to 15 day periods.</p><p style="text-align:justify">Please <a href="https://www.thehindu.com/news/national/delhi-hc-slams-centre-rbi-for-inaction-on-usurious-mobile-vendors/article35573774.ece?homepage=true" title="https://www.thehindu.com/news/national/delhi-hc-slams-centre-rbi-for-inaction-on-usurious-mobile-vendors/article35573774.ece?homepage=true">click here</a> to read more.&nbsp;</p>                                                           
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    <h1 class="cat-box-title">Delhi HC slams Centre, RBI for inaction on usurious mobile vendors </h1>
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                            <p style="text-align:justify">-The Hindu</p><p style="text-align:justify"><em>RBI said it regulates banks and non-banking finance companies and it does not regulate online lending platform</em></p><p style="text-align:justify">The Delhi High Court on Tuesday observed that online lending platforms, offering short-term personal loans through mobile apps, cannot be allowed to charge exorbitant interest and processing fees.</p><p style="text-align:justify">&ldquo;Rate of interest should not be exorbitant. Just look at the difficulties. An expert body is required. If you people are so slow in taking action, we will do it with our order with the help of an expert committee,&rdquo; a bench of Chief Justice D.N. Patel and Justice Jyoti Singh said, while asking the Centre and Reserve Bank of India (RBI) to look into the issue.</p><p style="text-align:justify">The High Court said it expects that the Centre and RBI will come out with some solution by the next date of hearing on August 27. The court was hearing a petition seeking regulation of online lending platforms through mobile apps.</p><p style="text-align:justify"><em>RBI ducks responsibility</em></p><p style="text-align:justify">The RBI said it regulates banks and non-banking finance companies and it does not regulate online lending platform and that the Central government has the power to do so.</p><p style="text-align:justify">The petitioner, Dharanidhar Karimojji, claimed that more than 300 mobile applications are providing instant loans ranging from 1,500 to 30,000 for 7 to 15 day periods.</p><p style="text-align:justify">Please <a href="https://www.thehindu.com/news/national/delhi-hc-slams-centre-rbi-for-inaction-on-usurious-mobile-vendors/article35573774.ece?homepage=true" title="https://www.thehindu.com/news/national/delhi-hc-slams-centre-rbi-for-inaction-on-usurious-mobile-vendors/article35573774.ece?homepage=true">click here</a> to read more.&nbsp;</p>                                                           
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    <br><a href="https://www.thehindu.com/news/national/delhi-hc-slams-centre-rbi-for-inaction-on-usurious-mobile-vendors/article35573774.ece?homepage=true" class="re" target="_blank">The Hindu, 28 July, 2021, https://www.thehindu.com/news/national/delhi-hc-slams-centre-rbi-for-inaction-on-usurious-mobile-vendors/article35573774.ece?homepage=true</a><div class="clear"></div>
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Delhi HC slams Centre, RBI for inaction on usurious mobile vendors

Published on Jul 28, 2021   Modified on Jul 28, 2021

-The Hindu RBI said it regulates banks and non-banking finance companies and it does not regulate online lending platform The Delhi High Court on Tuesday observed that online lending platforms, offering short-term personal loans through mobile apps, cannot be allowed to charge exorbitant interest and processing fees. “Rate of interest should not be exorbitant. Just look at the difficulties. An expert body is required. If you people are so slow in taking action, we will do it with our order with the help of an expert committee,” a bench of Chief Justice D.N. Patel and Justice Jyoti Singh said, while asking the Centre and Reserve Bank of India (RBI) to look into the issue. The High Court said it expects that the Centre and RBI will come out with some solution by the next date of hearing on August 27. The court was hearing a petition seeking regulation of online lending platforms through mobile apps. RBI ducks responsibility The RBI said it regulates banks and non-banking finance companies and it does not regulate online lending platform and that the Central government has the power to do so. The petitioner, Dharanidhar Karimojji, claimed that more than 300 mobile applications are providing instant loans ranging from 1,500 to 30,000 for 7 to 15 day periods. Please click here to read more.

The Hindu, 28 July, 2021, https://www.thehindu.com/news/national/delhi-hc-slams-centre-rbi-for-inaction-on-usurious-mobile-vendors/article35573774.ece?homepage=true

Tagged with: Delhi High Court Money Lending Platforms NBFCs Non-Banking Finance Companies online lending platforms Reserve Bank of India usury rate usurious rates

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