Centre proposes bill to ban unregulated lending
unregulated lending and slap a fine of ₹1 crore on offenders along with imprisonment of 10 years.
The move follows action against several digital loan apps for unregulated lending over the past two years and complaints about their unfair lending and predatory recovery practices.
A draft bill — Banning of Unregulated Lending Activities (Draft) Bill — was put out by the finance ministry for comments, which can be submitted till February 2025.
The bill proposes to ban any lending activity, barring one authorised by the RBI and law.
The draft law proposes to bar unregulated entities from making any deceptive or false claims persuading people to apply for loans. Offenders would face a prison term of up to five years.
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